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Finance

Kakao denies block deal and affiliate sale rumours, seeks to ease minority shareholder concerns

Kakao denied speculation about a possible block deal by its controlling shareholder and rumours it may sell major affiliates ahead of its planned corporate spin-off. At a minority shareholder meeting in Seoul, it said the split ratio does not represent the two units’ actual enterprise value and could be adjusted later. Kakao also said it will consider reflecting share price and shareholder value in executive compensation and reaffirmed plans for 300 billion won in buybacks and cancellations over three years.

Games & Commerce

Kakao spells out growth strategy for subsidiaries from crypto payments to AI video

Kakao plans to link services across its finance, content and mobility affiliates to broaden its growth base, focusing on crypto payments, AI video and autonomous driving. It outlined mid- to long-term plans centered on KakaoX after a planned split, including resource allocation and data and technology ties. KakaoX targets more than 10 trillion won in revenue by 2030. Plans include stablecoin-related services, Piccoma AI video expansion, and mobility financing and logistics tied to autonomous vehicles.

AI & Enterprise

Up to 3 percent fines for firms with repeat cyber incidents under network law from Oct. 1

South Korea will impose administrative fines of up to 3 percent of related revenue on companies that repeatedly cause cyber incidents through intent or gross negligence. The revised Act on Promotion of Information and Communications Network Utilization and Information Protection and its enforcement decree take effect on Oct. 1, the science ministry said. The changes raise the status of chief information security officers to executive level for some firms and require security committees.