Singapore's GIC invests $104 mln in Taiwanese music streaming firm

SINGAPORE Wed Aug 27, 2014 10:18pm EDT

SINGAPORE Aug 28 (Reuters) - Singapore sovereign fund GIC said on Thursday it has invested $104 mln 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. (Reporting by Saeed Azhar; Editing by Paul Tait)