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Report: Kakao Pay eyes Baro Investment & Securities stake purchase

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Report: Kakao Pay eyes Baro Investment & Securities stake purchase

South Korean mobile payment platform operator Kakao Pay Corp. is seeking to acquire ownership in Baro Investment & Securities Co., Ltd. for about 50 billion won, The Chosun Ilbo reported Sept. 10, citing industry sources.

Kakao Pay is looking to acquire a portion of the shares owned by leisure and real estate group Shinan Group.

Baro Investment & Securities is a small South Korean brokerage firm capitalized at 41.9 billion won with a 2017 operating income of 7.3 billion won, according to the report.

Kakao Pay is 60% owned by social media company Kakao Corp.

As of Sept. 10, US$1 was equivalent to 1,128.56 South Korean won.