KDB Life Sale Fails... KDB Industrial Bank Notifies JC Partners of SPA Cancellation

[Asia Economy Reporter Yoo Je-hoon] KDB Kansas Valley PEF announced on the 20th that it has notified the termination of the stock purchase agreement (SPA) for KDB Life Insurance, which was signed with JC Partners.

JC Partners applied for approval of the change of major shareholder of KDB Life Insurance from financial authorities in 2021 but failed to obtain the approval within the deadline for closing the transaction stipulated in the stock purchase agreement.

Furthermore, on the 13th, MG Insurance, where JC Partners is the major shareholder, was designated as a financially distressed institution by the Financial Services Commission, causing JC Partners to no longer meet the requirements for approval of a major shareholder change under the Enforcement Decree of the Act on the Governance of Financial Companies.

Accordingly, KDB Kansas Valley PEF resolved through its investment review committee to terminate the stock purchase agreement. KDB Kansas Valley PEF stated, "While striving to enhance the corporate value of KDB Life Insurance, we will also consider pursuing resale in light of market conditions."

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