By Lee Minji
SEOUL, Feb. 6 (Yonhap) -- NHN Corp., the operator of South Korea's top portal Naver.com, said Wednesday it plans to set up two subsidiaries as part of efforts to strengthen its mobile business.
NHN said it has won board approval to inject 40 billion won (US$37 million) each to "Camp Mobile" and "LINE Plus."
Under the plan, the company will hold a 100 percent stake in Camp Mobile, which will pioneer NHN's new mobile services.
NHN will also own a 40 percent stake in "LINE Plus," while its Japanese affiliate NHN Japan will hold the remaining 60 percent.
The envisioned unit will support the company's flagship mobile messenger "LINE," which has recently achieved 100 million downloads globally since its launch in June 2011.
NHN has vowed to ramp up its overseas expansion by stepping up marketing in China, Europe and the United States. Currently, 90 percent of LINE users are based overseas, with Japan, Thailand and Taiwan emerging as its three biggest markets.
The decision for the new units are subject to approval by NHN shareholders at a meeting scheduled for March.
The company, meanwhile, said it plans to spin off Hangame, a game unit it acquired in 2000, as part of efforts to boost competitiveness.
NHN said without elaborating that it plans to announce a detailed schedule for the spin-off. Due to procedural issues, the plan will not be addressed at the scheduled shareholder's meeting in March, it added.
The company is set to announce its fourth-quarter earnings on Thursday.