Kakao Bank said Thursday it has decided to acquire 5 million shares — a 100 percent stake — in Masten Capital through a cash purchase.
The acquisition is valued at 24.1 billion won ($15.7 million), equivalent to 0.36 percent of the bank's equity capital.
The closing date has yet to be determined, pending regulatory approvals and related procedures from supervisory authorities.
"This is part of a new business investment under our corporate value enhancement plan, aimed at driving financial innovation and pursuing growth through entry into the capital finance sector," the company said.
jiyoon436@heraldcorp.com
