SEOUL, Sept. 3 (Korea Bizwire) – A Korean mobile game producer, PATI Games, announced it has successfully secured 20 billion won (US$19.7 million) of capital investment from Tencent, China’s largest Internet service provider.
PATI Games announced on September 1 that Tencent would invest the amount through the third-party allocation of new shares. With this capital infusion, Tencent became the second largest shareholder of the company with a 20 percent stake.
Famous for popular mobile game “I Love Coffee,” a social network game running a café with social network friends, PATI Games underwent screening in preparation for going public on the Kosdaq market last July and with the Tencent’s investment it is expected to step on to overseas mobile game markets earlier than expected.
Lee Dae-hyung, CEO of PATI, said, “I’m thrilled to have a new growth momentum with the Tencent’s investment amid a situation of ever-fierce mobile game competition. We expect the capital infusion will strengthen our mutual relationship.”
By John Choi (email@example.com)