South Korea’s Kakao opposes US ADR listing plan for Kakao Mobility
7 Articles
7 Articles
(Seoul = Yonhap News) Reporter Oh Ji-eun = Kakao [035720], the parent company of Kakao Mobility, has put the brakes on the 1.4 trillion won U.S. stock market listing that Kakao Mobility was pursuing...
South Korea's Kakao opposes US ADR listing plan for Kakao Mobility
Kakao held a board meeting and passed a resolution opposing the U.S. ADR listing pursued by Kakao Mobility. The company determined that the listing is overly focused on the liquidation of existing shares held by financial investor TPG and posed significant potential risks, such as a decline in Kakao's corporate value and conflicts of interest among shareholders. Consequently, it disallowed the pursuit of the listing in its current form, as it of…
[Digital Daily Reporter Chae Seong-oh] Kakao has expressed its opposition to the plan to list Kakao Mobility’s American Depositary Receipts (ADRs) in the United States. The company determined that the benefits return are insufficient compared to the burdens that Kakao and general shareholders must bear under the current method, which focuses more on cashing out the stake held by TPG, the second-largest private equity firm, rather than the U.S. A…
Kakao has decided to oppose the listing of its subsidiary Kakao Mobility's American Depositary Receipts (ADRs) in the United States.
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