Evergreen to draw $7.6M investment for Fifty Fifty agency Attrakt

Industry

Published: 31 Aug. 2023, 16:51

Evergreen to draw $7.6M investment for Fifty Fifty agency Attrakt

Oscar Jun, CEO of K-pop agency Attrakt at left, and girl group Fifty Fifty [SCREEN CAPTURE]

Singaporean investment company Evergreen Group Holdings promised to draw in a 10 billion won ($7.6 million) investment for girl group Fifty Fifty's agency Attrakt by the end of September.

Evergreen Group Holdings' CEO David Yong and Attrakt CEO Oscar Jun signed an MOU on Aug. 25 stating the Singaporean company will gather a group of investors from its local market to invest 10 billion won in the K-pop agency by the end of next month.

Evergreen will also pitch in its own money, the amount of which was not specified.

"Attrakt was valued at 60 billion won when it received investment from local companies such as Hansae and Yes24 in May 2022," the agency said in a press release. "The company also realized the same value for this deal."

Evergreen's Yong struck the deal after seeing Attrakt CEO Jun's capabilities and the company's vision, according to Attrakt.

Oscar Jun, CEO of K-pop agency Attrakt at right, and David Yong, CEO of Singaporean investment company Evergreen Group Holdings, pose for photos after signing an MOU on Aug. 25. [ATTRAKT]

"I thank David Yong for seeing the future value of the company and making the investment," Jun said. "Attrakt must now walk towards a positive and proactive future."

The agency has been in a legal battle with its four-member girl group Fifty Fifty since June, with the quartet claiming the agency failed to properly take care of the members and misused company funds.

The Seoul Central District Court on Monday sided with Attrakt in a dismissal of the band's plea to have its exclusive contract with the agency nullified, but the girl group's attorney said that it will appeal the decision.

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]