GIC invests $104m in Asia music streaming company KKBOX


listen-to-the-music-2-1408618-mSingapore’s sovereign wealth fund GIC has backed music streaming service provider KKBOX with an investment of $104m.

The investment gives GIC a stake alongside previous investors KDDI, a Japanese telecom giant, and mobile phone company HTC.

Taiwan’s ChungHwa Telecom remains as a 30 per cent shareholder of KKBOX’s Taiwan subsidiary.

KKBOX provides a digital music platform for people across Asia, including in Taiwan, Japan, Hong Kong, Singapore and Malaysia.

The company said it will use the capital to fund the company’s overseas expansion, as well as refine its technology and service.

Earlier this month GIC announced it bought an 18.5 per cent stake in Brazil-based education services business Abril Educacao.

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