Forecast, Woori Financial Group Privatization Starts... Remaining 2% Stake Sale

Block Deal Sale... Additional Recovery of 149.3 Billion KRW in Public Funds

Scenery of the Korea Deposit Insurance Corporation Headquarters

[Asia Economy Reporter Kwangho Lee] The Korea Deposit Insurance Corporation announced on the 9th that, ahead of the stock market opening, it sold 2% (approximately 14,445,000 shares) of its remaining stake in Woori Financial Group through a block deal, recovering an additional 149.3 billion KRW of public funds according to the roadmap for divesting the remaining shares.

As a result, the recovery rate of public funds from Woori Financial increased by 1.2 percentage points, from 87.9% to 89.1%.

This sale is the first to be conducted since the roadmap was announced in June 2019.

The KDIC stated that this is significant in terms of fulfilling external commitments and taking the first step toward the complete privatization of Woori Financial.

The Public Fund Management Committee expects that the successful first phase of selling the remaining shares will positively impact the prompt completion of privatization and maximize the recovery of public funds.

A KDIC official said, "We will continue to make efforts to ensure that privatization proceeds smoothly through the implementation of the roadmap."

This content was produced with the assistance of AI translation services.