Kyobo Life Insurance: "Affinity's Interference Caused Listing Failure, Must Stop Obstruction"

[Asia Economy Reporter Changhwan Lee] Kyobo Life Insurance stated on the 15th, "The listing was canceled due to interference from Affinity," and added, "We will explore all means and methods to achieve the listing."

The company emphasized, "We will promptly address the shortcomings," and "With the rise in the benchmark interest rate creating an optimal time for listing, Affinity should stop obstructing and actively cooperate."

Kyobo Life Insurance explained, "We have been preparing for the IPO (Initial Public Offering) with our best efforts," and "Especially this year, with improved internal and external conditions, it was the right time to increase corporate value. The recent trend of interest rate hikes has led to many positive evaluations of life insurance companies."

Typically, interest rate hikes improve the investment environment for life insurance companies. Newly issued bonds have higher interest rates, increasing interest income. The rise in long-term bond rates is also seen by the industry as creating favorable conditions for managing assets over a long period.

The company stated, "Considering these market conditions, Affinity's claim that the IPO was pushed recklessly with the intention of gaining an advantage in the dispute is untrue and a baseless slander."

Kyobo Life Insurance claimed that Affinity has blocked the listing every time the IPO was on track. In September last year, when Chairman Shin Chang-jae of Kyobo Life Insurance received a favorable ruling from the ICC arbitration tribunal stating, "There is no obligation to buy shares at any price," and proceeded to relaunch the IPO, Affinity filed injunctions and provisional seizure lawsuits.

A company official said, "Since the decision to pursue the listing is made by the board of directors, Affinity's claim that the company is acting to help a specific shareholder is utterly groundless," and added, "The IPO, which was pursued even before the dispute, is a long-cherished project and a definite means to enhance corporate value through securing sustainable growth engines and business diversification."

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