* Firm says shareholders requested move to Kospi
* Kakao second-largest on Kosdaq by market cap
(Adds Kakao comments, context)
SEOUL May 2 South Korean messaging app operator
Kakao Corp said on Tuesday it will hold an
extraordinary shareholder meeting on June 14 to vote on moving
its shares to the country's main stock board.
A Kakao spokesman told Reuters the firm called for the vote
to reflect requests from some shareholders about making the
switch. The firm in April said it was considering such a move.
The company, which operates South Korea's dominant messaging
app KakaoTalk, is the second-most valuable firm listed on Kosdaq
with a market capitalisation of 6.3 trillion won ($5.58
billion). Should it move to the main Kospi, it would be
the 43rd most valuable there based on Tuesday's closing price.
The Kakao spokesman declined to comment further on the
rationale of the move but analysts said the firm could command a
better valuation on the Kospi and attract more foreign and
"Kakao will likely be included in the Kospi 200 index once
it migrates, so that will boost demand for the stock," said Baro
Investment analyst Lee Kyung-il.
($1 = 1,128.8500 won)
(Reporting by Se Young Lee; Editing by Randy Fabi and