The South Korean government is considering splitting its stake in listed Woori Finance into small pieces in order to sell them separately, reported Yonhap News.
The report cited a Woori insider with knowledge of the situation as saying that it would be much more desirable for Woori Finance to be privatized via a merger with another financial firm, but if this is not feasible in the market situation, the government may consider the stake-splitting option.
The report speculated that Korea Deposit Insurance, the state-run holder of a 57% stake in Woori, could sell several 5~10% stakes to different sovereign or pension funds or institutional investors.
Selling smaller portions to the public via market trading was also mentioned as an option, the report added.
A report April 29, stated that the privatization of Woori Finance will likely spill over to next year, citing Jin Dong-soo, the chief of regulator Financial Services Commission (FSC).
See here for all posts on the privatization of Woori Finance.
(Source: Yonhap News)
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