Mirae Asset Daewoo Converts Naver Financial Common Shares into Convertible Preferred Shares

[Asia Economy Reporter Song Hwajeong] Mirae Asset Daewoo announced on the 11th that it will convert 109,500 shares of Naver Financial common stock into convertible preferred stock at a 1 to 1 ratio. After the conversion, the voting rights stake will decrease from the existing 17.66% (214,477 shares) to 9.5% (104,977 shares).

The change will take effect with the consent of all Naver Financial shareholders, resolutions from Naver Financial's board of directors and general shareholders' meeting, and the procedure will be completed upon the registration of changes for Naver Financial Co., Ltd.

Mirae Asset Daewoo made this decision to ensure that Naver Financial's new business proceeds smoothly and to enhance shareholder value for both companies. A Mirae Asset Daewoo official stated, "We made this decision promptly following proper procedures," and added, "We hope this decision will serve as an opportunity for the expansion of the fintech sector in the domestic capital market."

Mirae Asset Daewoo participated in Naver Financial's paid-in capital increase in January last year to create investment purposes and financial business synergies.

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