The Seoul-based company, which has a number of subsidiaries in areas including construction and media, presented a cheque to Pyeongchang 2018 at a ceremony in the South Korean capital.

It was attended by Pyeongchang 2018 President Lee Hee-beom and Yang Won-don, head of the management support office at the Eugene Group.

The money will be used for projects related to the 2018 Winter Olympics and Paralympics, including the building of a cultural exhibition at the Olympic Stadium.

It has been claimed the Eugene Group had been working on the agreement for around two months.

According to Pyeongchang 2018, a total of ₩300 million (£207,000/$276,000/€234,000) has been donated directly to the Organising Committee.

The Eugene Group has pledged ₩250 million (£172,000/$230,000/€195,000) through the Cultural Heritage National Trust and a further donation of ₩60 million (£41,000/$55,000/€47,000) will include the purchase of tickets for the Games.

Pyeongchang 2018 recently claimed they had sold 55 per cent of tickets for the Winter Olympics.

It is hoped by the time of the Opening Ceremony on February 9 that sales will have risen to 90 per cent of the 1.07 million available tickets.

"We made a donation for the festival atmosphere and successful hosting of the Pyeongchang Winter Olympic Games two months ahead of the Pyeongchang Winter Olympic Games," said Yang.

The Eugene Group also partnered with the 2014 Asian Games and the 2013 Asian Indoor and Martial Arts Games in Incheon.