Woori Financial Group succeeded in complete privatization in 20 years.
The sale of about 10 percent of the existing largest shareholder, the Korea Deposit Insurance Corp., is expected to make the National Pension Service the largest shareholder and Woori Financial's employee stock ownership association also become the second-largest shareholder.
According to the investment bank industry on the 21st, the Public Fund Management Committee under the Financial Services Commission will select and announce five to six companies including Eugene Private Equity (PE), KTB Asset Management, Alliance Partners, KTB Asset Management, and Employee Stock Ownership Association on the 22nd.
Eugene PE is expected to acquire a 4% stake and acquire the right to recommend outside directors. Dunamu, which recorded the highest price of 10,000 4,000 per share, is expected to receive a 1% stake. The rest of the investors are also expected to take less than 2% of their shares.
When the stake sale is completed, Woori Finance will succeed in complete privatization for the first time in 20 years.
Since the 1997 financial crisis, the government has injected 12 trillion won into Woori Financial in the process of restructuring financial firms, and has since been steadily withdrawing public funds through the sale of subsidiaries and the sale of minority shares. The amount of unrecovered funds is 1.34 trillion won.
The Korea Deposit Insurance Corp. is the largest shareholder with a 15.25 percent stake in Woori Financial Group, but the sale will lower its stake to 5.25 percent, making it the fourth-largest shareholder after the National Pension Service (9.80%) and the Woori Stock Ownership Association (8.38%), IMM PE(5.57%).
Reporter Lee Dong-hoon usinvestmentidea2020@gmail.com
