Kakao Blocks US ADR Listing for Unit Kakao Mobility
South Korean tech giant Kakao announced its board has voted against a proposed US ADR listing for its subsidiary Kakao Mobility. The plan was based solely on shares held by private equity firm TPG according to a regulatory filing.
Insights:
South Korea's Kakao blocked a proposed United States ADR listing for its taxi-hailing unit, citing opposition to a plan driven solely by private equity shares. The board resolution halts an offshore flotation push led by stakeholder TPG. The dispute centers on structural control of Kakao Mobility as private equity seeks liquidity through international markets.
