Singapore sovereign fund GIC said on Thursday it has invested US$104 mil ($130 mil) in Taiwanese music streaming service provider KKBOX.
The investment proceeds will be used to fund the company's overseas expansion, as well as refine its technology and services, Chris Lin, co-founder and CEO of KKBOX, said in a statement.
KKBOX is available in Taiwan, Japan, Hong Kong, Singapore, Malaysia and Thailand, making it Asia's leading music streaming service, the statement said.
GIC has stepped up investments in unlisted companies in emerging markets and technology sector.
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