South Korean game publisher Kakao Games said at a shareholder meeting on June 22 that no decision had been made on a potential merger with Line Games, a game publisher under Japan’s LY Corp.

The company said business partnerships were still possible after LAAA Investment, backed by LY Corp., became Kakao Games’ largest shareholder last week.

Speculation about a merger followed the ownership change and LAAA Investment’s participation in a combined 300 billion won (US$200.4 million) capital increase and convertible bond issuance.

Kakao Games also said it planned to enter new markets, particularly Southeast Asia, where it said Line had built a presence in mobile gaming.

Shareholders also approved Line Games vice president Kim Tae-hwan and Kakao Games chief business officer Lee Si-woo as inside directors. Both are set to become co-chief executive officers after board approval.

🔗 Source: Yonhap

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