The local newspaper (Korea Economic Daily) today, Thursday, quoted unnamed investment banking sources as saying that the Saudi Public Investment Fund and the Government of Singapore Investment Corporation (GIC) decided to invest 600 billion won in the entertainment company..
However, Cocoa did not mention in its statement the names of the two funds. There has been no comment so far from the Saudi or Singaporean side.
Analysts believe that this step reflects investors’ optimistic expectations about the possibility of growth of Korean content and its ability to “withstand recession” at a time when weak economic prospects led to a scarcity of liquidity in many other sectors..
Shares of Cocoa Corp rose 1 percent in early trading, outperforming the overall market, which is up 0.2 percent..
On Thursday, the Saudi Public Investment Fund revealed that it had increased its stake in Nintendo of Japan Ltd. from 5.01 percent to 6.07 percent..
The fund recently increased its exposure to Japan’s video game industry, acquiring stakes in video game companies Nexon, Capcom and Koei Tecmo..
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