Minwise to acquire controlling stake in Settlebank

[THE INVESTOR] Minwise (Mobile Internet Network & Wise), a local IT services provider, announced on Oct. 12 that it will acquire controlling stake in electronic transaction solution developer Settlebank.

The firm will acquire 47 percent of Settlebank for 46.4 billion won (US$41.32 million).

It plans to raise 21.4 billion won from its coffers, and 25 billion won from injected by Premier Partners in form of capital increase.

By Choi He-suk (cheesuk@heraldcorp.com)