The report cited a person close to the matter as saying the state-run financial service firm initially planned to sell a 7% stake but it finally sold a 9% stake due to a strong response from investors.
A total of 72,540,000 shares were sold at KRW 16,000 per share, yesterday’s closing price.
KDIC raised KRW 1.16tn (USD 1.03bn) from the sale, the report estimated. After the sale, KDIC holds a 57% stake in Woori, it added.
Meanwhile, a working group has begun studying potential merger in a course of privatisation of Woori Finance.
According to a report in Financial News Daily, which cited financial sector sources, the South Korean Public Fund Oversight Committee has formed a working group to study a potential merger of Woori with several other Korean financial companies like KB Financial and Hana Financial.
The process is to figure out a merger process of Woori with each financial firm and effect of the merger. If Woori Finance merges with KB Financial, the merged entity would have domestic market share of 40.6% and the figure could be 31.5% if it merges with Hana, the report said.
See here for previous posts on the privatization of Woori Finance.
(Sources: Yonhap News, Financial News Daily)
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