Kakao Issues Overseas Convertible Bonds Worth 339.5 Billion KRW

[Asia Economy Reporter Park So-yeon] Kakao announced on the 21st that it has decided to issue $300 million (339.5 billion KRW) worth of foreign currency overseas exchangeable bonds on the Singapore Stock Exchange.

The exchange target is 753,407 shares of Kakao's treasury stock. This corresponds to 0.9% of the total issued shares.

The exchange price is 450,713 KRW per share, which is 127.5% of Kakao's closing price (353,500 KRW) on the KOSPI market that day.

Kakao stated that the purpose of issuing these exchangeable bonds is to "secure funds for mergers and acquisitions (M&A) to strengthen Kakao's platform and content."