[Edaily Reporter KYUNG GYEYOUNG ] E-MART Co., Ltd. will invest an additional 280 billion won to strengthen Gmarket’s business competitiveness.
E-MART Co., Ltd.(139480)The company announced on the 29th that it will invest 287 billion won in Apollo Korea.
Apollo Korea is an affiliate in which Emerald SPV—which was absorbed by E-MART Co., Ltd. through a merger—holds an 80.01% stake; it owns a 50% stake in Age Global Holdings (formerly Grand Opus Holdings), a joint venture (JV) between Shinsegae Co.,Ltd. and Alibaba Group. Age Global Holdings operates Gmarket, AEK Management, and other businesses.
The capital injection is planned to be used to strengthen the business competitiveness of Gmarket and AEK Management through Age Global Holdings.
E-MART Co., Ltd. explained, “This investment was made in accordance with our existing plan to provide capital to Gmarket and AEK Management and to secure working capital for the joint venture’s operations.”
E-MART Co., Ltd. headquarters in Jung-gu, Seoul. (Photo courtesy of E-MART Co., Ltd.)
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