S KOREA’S KDIC TO SELL PART OF ITS STAKE IN WOORI FINANCE
November 23rd, 2009
South Korea’s state-run deposit insurance agency plans to sell part of its stake in Woori Finance Holdings Co. KSE:053000) through block trade, financial sources said Monday.
The Korea Deposit Insurance Corp. (KDIC), which holds a 73 per cent stake in Woori Finance, is expected to unload about 4 per cent of its shares at 15,350 won (US$13.3) apiece via block trade on Tuesday before the market opens, according to financial sources. The offered price is a 4.4 per cent discount from Monday’s closing price.
Excluding a controlling 50 per cent stake plus one share, the KDIC is looking at market conditions to sell its 23 per cent interest in the financial firm through block trade. The government plans to sell its 7 per cent holding within this year.
South Korea is seeking to sell South Korea’s No. 2 financial services company as part of efforts to privatize it as the local stock market has been recovering from the global financial turmoil.
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