KT invests $17 mil in AI-based logistics platform Lolab Korean telco focuses on diversifying portfolio
Translated by Kim So-in 공개 2021-09-08 08:06:33
이 기사는 2021년 09월 08일 08:01 thebell 에 표출된 기사입니다.
South Korea's major telco KT invested 20 billion won ($17.3 million) in its new affiliate Lolab, an artificial intelligence (AI)-based logistics platform. KT is focusing on diversifying its portfolio by investing in content, fintech, and AI logistics technology this year.KT said in its regulatory filing on Monday that it will acquire two million common shares of Lolab for 20 billion won in a rights offering on September 15.
Lolab was established in the second quarter of this year. KT invested 1.9 billion won and secured a 51% stake in the firm. The latest investment will increase KT’s stake in Lolab to 80%.
KT’s participation in the rights offering is in line with its investment spree this year. KT invested 1.6 billion won in electric vehicle (EV) charging company ChargeEV, 21 billion won in SK Telecom’s content market subsidiary OneStore, and 25 billion won in financial data and bookkeeping service firm Banksalad. It also invested 4.5 billion won in Future Innovation Private Equity Fund III, 10 billion won in Ulsan Jungang Broadcasting Network, and 2 billion won in Keumgang Cable Network to enhance its pay-TV business.
This marks a stark contrast to last year when the company made little investment in other companies. KT spent 60 billion won on securing stakes in non-listed companies during the first half of this year alone. In April, it acquired 100% of Altimedia for 11.3 billion won in April. KT’s total investment is expected to reach 100 billion won this year.
KT is also actively making exits to focus on follow-up investments. KT reportedly sold some of its stake in Yanolja, whose valuation jumped eightfold since KT's investment in 2019.
The company is expected to continue its strategy of efficiently supplementing businesses and technologies that are difficult to establish on its own with an equity investment of around 20 billion won.
“The investment in Lolab is due to changes in the business environment,” an official at KT. “We plan to enhance our AI-based logistics business.” (Reporting by Pil-woo Choi)
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