Kakao Chairman Kim Beom-su Sells 500 Billion KRW Stake... "To Be Used for Donation Activities"

[Asia Economy Reporter Kang Nahum] Kim Beom-su, chairman of Kakao, is selling part of his Kakao shares to fund his donation activities.

According to industry sources on the 15th, Chairman Kim is conducting a block deal (off-hours large-volume trade) worth about 500 billion KRW in Kakao shares. The buyer is known to be JP Morgan. The 500 billion KRW corresponds to 1% of the shares held by Chairman Kim.

A Kakao official stated, "The funds raised through this block deal will be used for continuous donation activities, including the establishment of a foundation in the first half of the year, and some will also be used for personal purposes."

Earlier, in February, Chairman Kim declared that he would donate more than half of his assets (about 5 trillion KRW) to solve social problems. Last month, he also became the 220th donor to the voluntary donation campaign 'The Giving Pledge.'