SEOUL– Three affiliates of South Korean retail giant Shinsegae Group will buy 10 billion won (US$7.6 million) worth of new shares of its corporate venture capital firm, Signite Partners Inc., to fund its investment plans in new business areas, the group said Tuesday.
Signite Partners is a corporate venture capital unit of Shinsegae Group. It formerly invested in the Singapore-based ride hailing and food delivery app Grab.
Retailer Shinsegae International, Shinsegae Department Store and Shinsegae Central City will join the right issue through which Signite Partners plans to sell 2 million shares.
The money to be raised will be used to create funds that will be invested into new business areas, including retail and food technology, green retail, fashion, and beauty, the company said.
Source: Yonhap News Agency