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Shares of GMM Grammy (GRAMMY), Thailand’s largest media conglomerate entertainment company, soared almost 30 per cent Tuesday following an announcement of a joint venture with YG Entertainment.
GRAMMY jumped 28.34 per cent to 19 baht when the trading began before falling back to 17.30 baht, up 16.89 per cent, as of 11.34 am. The stock accounted for a transaction value of 22.9 million baht.
The company notified the Stock Exchange of Thailand after trading hours Monday that it has successfully established a joint venture with YG entertainment, a South Korean entertainment agency specializing in the production of idol stars, under the name YGMM Co., Ltd.
YGMM will aim “to engage in all kinds of entertainment businesses and provide advisory [services] such as organizing concerts, stage plays, and various [other] performances,” said chief financial officer Kanokporn Sanawatana.
According to the statement, the value of registered capital stood at 200 million baht. GRAMMY holds a 51-per-cent stake in the joint venture while YG Entertainment holds the remaining 49 per cent.
World-famous K-pop groups under YG entertainment include BIGBANG, BLACKPINK, WINNER, and iKON.