[Apha Biz=(Chicago) Reporter Paul Lee] Kakao Pay will invest 100 billion won for operating funds after incorporating Kakao Pay Insurance, a non-life insurance subsidiary that had been rumored to be sold, as a complete subsidiary.

Kakao Pay announced on the 31st and 1st of last month that it will acquire an additional 20 million shares of Kakao Pay Insurance for 100 billion won. It is a paid-in capital increase for Kakao Pay Insurance's operating funds, and the payment date is the 7th.

Kakao Pay had previously dismissed the sale by securing a 100% stake in Kakao Pay Insurance. Kakao Pay announced on the 28th of last month that it acquired 8 million shares (40% stake) of Kakao Pay Insurance through over-the-counter trading. 

 

Kakao Pay Insurance has been incorporated into the complete subsidiary of Kakao Pay. Before the stock transfer, Kakao Pay held a 60% (12 million shares) stake in Kakao Pay.

 

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