SEOUL – Singapore-based Evergreen Group Holdings announced on Thursday that it will invest around 10 billion won (S$10.2 million) in K-pop entertainment agency Attrakt to help foster the agency’s vision in the K-pop industry.
Evergreen Group Holdings is an enterprise which develops a multi-diversified range of businesses from timber to finance. It is run by Singaporean chief executive David Yong.
Mr Yong is also a K-pop singer in South Korea, having debuted with the single In My Pocket in 2022.
The 36-year-old timber scion and lawyer released a dance track, Dripping, with South Korean performer DJ Soda on Aug 10.
In April, the entrepreneur teamed up with Moonbyul of K-pop girl group Mamamoo for the pop hit Maybe Love.
“I am absolutely thrilled about this investment relationship. Attrakt is a formidable powerhouse in the entertainment industry, and we envision boundless potential for its future. This partnership epitomises Evergreen’s dedication to nurturing and amplifying global talents,” Mr Yong said in a statement.
Mr Jeon added: “We are thankful for David’s recognition of our agency’s value and for his investment. We will continue to move forward progressively for a brighter future.”
The two companies inked a memorandum of understanding on Aug 25 in efforts to attract more investment.
Attrakt lists K-pop girl group Fifty Fifty as its only artiste, and both parties have been embroiled in an intense legal battle.
According to The Korea Times, the female quartet claimed the agency violated its contract by failing to offer proper medical care, lacking transparency when it came to earnings, and misuse of company funds.
The Seoul Central District Court has since dismissed Fifty Fifty’s motion to nullify their exclusive contract with Attrakt.
A law firm representing the group has said they will immediately appeal, reported Forbes. THE KOREA HERALD/ASIA NEWS NETWORK
