Kakao Chairman Kim Beom-su Sells 500 Billion KRW Stake... "To Be Used for Donation Activities"
[Asia Economy Reporter Kang Nahum] Kim Beom-su, chairman of Kakao, is selling part of his Kakao shares to fund his donation activities.
According to industry sources on the 15th, Chairman Kim is conducting a block deal (off-hours large-volume trade) worth about 500 billion KRW in Kakao shares. The buyer is known to be JP Morgan. The 500 billion KRW corresponds to 1% of the shares held by Chairman Kim.
A Kakao official stated, "The funds raised through this block deal will be used for continuous donation activities, including the establishment of a foundation in the first half of the year, and some will also be used for personal purposes."
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Earlier, in February, Chairman Kim declared that he would donate more than half of his assets (about 5 trillion KRW) to solve social problems. Last month, he also became the 220th donor to the voluntary donation campaign 'The Giving Pledge.'
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