Press Release
Standard Chartered Private Equity announces USD 17.5 million investment in Mnet Media Corporation
Region: Korea Published by:
Jai GANESH
Date:
16 October 2009
Singapore, October 16, 2009 – Standard Chartered Private Equity Limited (“SCPE”) announced a USD 17.5 million investment in Mnet Media Corp. (“Mnet Media” or the “Company”), a leading media and music company in Korea. CJ Corporation (“CJ”), the major shareholder of Mnet Media, will invest USD 8.7 million along with SCPE, bringing the total investment size to USD 26 million.
Headquartered in Seoul, Korea, Mnet Media operates paid-television broadcasting, music publishing, and online music services. Mnet, the Company’s broadcasting brand, is the No.1 music TV channel in Korea with over 14 million viewers. The TV programs are currently airing overseas including Japan, China, Thailand, and Taiwan. The Company also operates online music store, Mnet.com with over 400,000 paid subscribers, and established the largest music publishing business in Korea. Listed on KOSDAQ in 2006, Mnet Media is also the first company in the Korean music industry to reach over USD 100 million in revenues in 2008. SCPE and CJ will invest in forms of convertible bonds (“CB”s) and bonds with warrants (“BW”s). The new investments will enable the Company to accelerate its growth in both Korea and throughout Asia.
Charles Huh, Director at Standard Chartered Private Equity Managers Korea, stated, “We are delighted to become an investor in Mnet Media. As the industry leader in media and music businesses, Mnet Media is well positioned to benefit from the growing demand for online music contents. We will assist the Company to manage its growth plan, particularly to the international markets where Korean music contents have great potential.”
For further information please contact:
TAY Valerie
Corporate Affairs, Group Wholesale Banking
Tel: + 65 6725 7792
E-mail: Valerie.Tay@sc.com
Jai Ganesh M
Corporate Affairs, Group Wholesale Banking
Tel: +65 6725 7752
E-mail: M-Jai.Ganesh@sc.com
Note to editors:
About Standard Chartered Bank
Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world’s most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth and supplemented by acquisitions.
Standard Chartered aspires to be the best international bank for its customers across its markets. The Group derives more than 90 per cent of its operating income and profits from Asia, Africa and the Middle East, generated from its Wholesale and Consumer Banking businesses. The Group has over 1,600 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.
Leading by example to be the right partner for its stakeholders, the Group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. It employs more than 70,000 people, nearly half of whom are women. The Group’s employees are of 125 nationalities, of which about 70 are represented in the senior management.
For more information, please visit: www.standardchartered.com
Standard Chartered Private Equity
Standard Chartered Private Equity is a wholly-owned investment arm of Standard Chartered Group. It has invested in over 30 companies primarily focused on mid-to late-stage companies whose principal operations and management are located in Greater China, Korea, India and South East Asia.
Standard Chartered Bank has a history of over 150 years in banking and is in many of the world’s fastest growing markets. It has an extensive global network of over 1,200 branches (including subsidiaries, associates and joint ventures) in 56 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. As one of the world’s most international banks, Standard Chartered employs over 40,000 people, representing 80 nationalities, worldwide.
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