Singapore-based Evergreen Group Holdings has revealed plans to invest about 10 billion South Korean won (approx. USD $7.5 million) in K-Pop entertainment agency Attrakt.
That’s according to multiple reports from local South Korean news outlets, citing a press release from Evergreen.
Evergreen, an enterprise with interests in sectors spanning timber to finance, is led by CEO David Yong.
As noted by The Korea Herald, David Yong is also a K-pop singer, and released the single In My Pocket, last year.
The investment agreement between Evergreen and Attrakt was reportedly formalized through a memorandum of understanding signed on August 25.
Evergreen has pledged to invest 10 billion South Korean Won by the end of September.
Separately, Korea JoongAng Daily reported, citing a press release from Attrakt, that the agency was valued at 60 billion South Korea won (approx $45m) when it received investment from local companies such as Hansae and Yes24 in May last year.
While not as prominent as some of the larger entertainment companies in South Korea such as HYBE, JYP Entertainment and SM Entertainment, Attrakt is known for its role in managing and promoting the girl group FIFTY FIFTY.
FIFTY FIFTY’s single Cupid reached the Top 10 charts in South Korea and Australia and peaked at No.1 on the Billboard Global chart, excluding the US.
Just days after the investment from Evergreen, Attrakt announced plans to launch a new girl group project, unveiling a teaser poster for the said project on social media.
“We are happy to form a relationship with Attrakt through our investment. We decided to invest, as we highly evaluate Attrakt’s CEO Jeon Hong-jun’s planning and promoting capability in the entertainment industry and also the agency’s vision,” Yong was quoted by The Korea Herald as saying.
“We decided to invest, as we highly evaluate Attrakt’s CEO Jeon Hong-jun’s planning and promoting capability in the entertainment industry and also the agency’s vision.”
David Yong, Evergreen Group Holdings
“We are thankful for David Yong’s recognition of our agency’s value and for his investment. We will continue to move forward progressively for a brighter future,” Attrakt’s CEO Jeon Hong-jun said, according to The Korea Herald.
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