Uber invests 59.1 billion KRW in T Map Mobility as follow-up to partnership...

Strategic Partnership Between Uber and SK Telecom
Actual Investment Made Following Last Year's Announcement

[Image source=Yonhap News]

[Asia Economy Reporter Cha Min-young] Uber Technologies, which had promised a total investment of $150 million (approximately 172.5 billion KRW) as part of a strategic partnership with SK Telecom, will invest 59.1 billion KRW in Tmap Mobility. Tmap Mobility, which operates 'Tmap,' has been continuously growing as a mobility-specialized company since its spin-off from SK Telecom.

According to industry sources on the 16th, Tmap Mobility announced that Uber Singapore Technology invested 59.1 billion KRW through a third-party allotment of new shares the previous day. Uber Singapore will receive approximately 676,330 new voting shares.

The issue price per new share is 87,418 KRW, which is a 17,384% premium compared to the face value of 500 KRW. The total number of issued shares will increase from about 10.84 million to about 11.51 million. The raised funds will be used for operating expenses.

This is a case where Uber's announced investment decision of a total of $150 million (approximately 172.5 billion KRW) to strengthen the strategic partnership with SK Telecom has led to an actual investment. Uber plans to invest more than $100 million (approximately 115 billion KRW) in the joint venture (JV) UTI and about $50 million (approximately 57.5 billion KRW) in Tmap Mobility.

Meanwhile, Tmap Mobility recently succeeded in attracting a total investment of 400 billion KRW from domestic and foreign private equity funds. On the 8th, Tmap Mobility's board of directors resolved a third-party allotment of common stock worth 400 billion KRW. A total of 4,575,718 new shares will be issued at the same price of 87,418 KRW per share as Uber. Apalma Capital and East Bridge Partners participated in the paid-in capital increase, each acquiring a 14% stake.