Pop Idol Rain to Become Tech Mogul

    September 18, 2007 10:40

    Singer and actor Rain will be a major shareholder of a company listed on the Korea Securities Dealers Automated Quotation or KOSDAQ. SATEC, a wireless technology company, said in a statement Monday that the singer will participate in a company capital increase that was decided on Sept. 3.

    The company will issue 5.68 million new shares worth W23 billion (US$1=W928) to raise funds. The issue price of the new shares is W4,050 each. Rain will invest W3.56 billion to become the second largest shareholder in the company. SATEC merged with Aralion, which listed on the Kosdaq in 2001.

    Following the investment, the singer will turn the company into an entertainment firm. Rain said that he will purchase more shares and take over the managerial rights as part of a plan to grow the company into a producer and distributor of Korean media content targeting the global market.

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