South Korea's Kakao drops plan to sell stake in taxi-hailing unit




  • In US
  • 2022-08-18 07:00:33Z
  • By Reuters
 

SEOUL (Reuters) - South Korean tech conglomerate Kakao Corp said on Thursday it is no longer exploring plans to sell about 10% of unit Kakao Mobility after objections from unionised employees and other stakeholders.

Kakao holds a 57.6% stake in Kakao Mobility, whose app Kakao T offers South Korea's most popular taxi-hailing service with 31 million registered users.

It had been looking at a possible share sale after the company was criticised in parliament late last year for dominating the taxi-hailing market with an estimated market share of more than 80%.

Kakao Mobility, whose investors include Alphabet's Google and private equity firms TPG and Carlyle, has also been exploring an IPO. It hired financial advisers in March including Credit Suisse and Citigroup, but has currently paused any specific actions toward a listing, a company spokesperson said.

Unfavourable market conditions have caused a number of South Korean firms to scrap or postpone IPOs, including refiner Hyundai Oilbank and Hyundai Engineering.

(Reporting by Joyce Lee; Editing by Edwina Gibbs)

COMMENTS

More Related News

North Korea conducts 4th round of missile tests in 1 week
North Korea conducts 4th round of missile tests in 1 week
  • World
  • 2022-10-02 14:19:16Z

It is North Korea's fourth round of weapons launches this week and seen as a response to nearby military drills by the U.S. and its allies.

S. Korean activists clash with police over anti-Kim balloons
S. Korean activists clash with police over anti-Kim balloons
  • World
  • 2022-10-02 06:42:44Z

South Korean activists say they clashed with police while launching balloons carrying anti-Pyongyang propaganda materials across the North Korean border...

What the war in Ukraine means for Asia
What the war in Ukraine means for Asia's climate goals
  • World
  • 2022-10-01 22:18:58Z

The queues outside petrol pumps in Sri Lanka have lessened, but not the anxiety. But for developing countries with already-strained finances, the war is...

S.Korea, U.S. agree to implement liquidity measures if needed
S.Korea, U.S. agree to implement liquidity measures if needed

SEOUL (Reuters) -The United States and South Korea agreed on Saturday to implement liquidity facilities to stabilise financial markets if needed, Korea's...

North Korea fires fourth round of ballistic missiles this week
North Korea fires fourth round of ballistic missiles this week
  • World
  • 2022-10-01 01:55:09Z

North Korea fired its fourth round of ballistic missiles in the past week on Saturday local time, the State Department confirmed. A State Department...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

  • glock 37 for sale
    (2022-08-18 12:24:18Z)

    glock for sale
    glocks for sale
    glock 17 for sale
    glock 43 for sale
    glock 45 for sale
    glock 26 for sale
    glock 37 for sale
    glock 38 for sale
    glock 40 for sale
    Buy glock online

    REPLY
  • moonrock carts for sale
    (2022-08-18 12:28:43Z)

    https://budsarena.com/
    buy real weed online
    You can be assured you are receiving some of the highest quality products available when you
    buy marijuana online usa reliable and trust guaranteed

    buy weed online here.
    Looking to marijuana for sale
    dankwoods here.
    moonrock carts for sale here.

    REPLY
  • buy weed online
    (2022-08-18 20:32:30Z)

    Excellent article. Keep writing such kind of information on your blog .
    Im really impressed by it. marijuana for sale
    buy marijuana online usa
    marijuana for sale
    buy cannabis online
    weed for sale online
    where to buy weed online
    weed shop online
    buy cannabis
    marijuana for sale online
    marijuana buy online
    buy pot online
    weed online for sale
    online weed shop
    weed for sale
    weed store online
    buy weed online cheap
    buy real weed online cheap
    order real weed online
    cbd oil for sale
    buy cbd oil online 
    slactavis

    REPLY

Top News: US