Woori Financial Group Purchases Remaining Shares from KAMCO... Marks Privatization After 25 Years
Plan to Purchase Approximately 9.36 Million Shares of Treasury Stock
Woori Financial Group announced on the 5th that it will purchase the remaining shares of Woori Financial held by the Korea Deposit Insurance Corporation (KDIC) as treasury stock and plans to sign a stock transfer agreement by the end of next year.
On the same day, Woori Financial held a signing ceremony for the stock transfer agreement related to approximately 9.36 million shares of Woori Financial (about 1.2% stake) owned by KDIC. The ceremony was attended by Lim Jong-ryong, Chairman of Woori Financial, Yoo Jae-hoon, President of KDIC, and Lee In-moo, a private member of the Public Fund Management Committee.
Through this agreement, Woori Financial plans to purchase the remaining shares owned by KDIC as treasury stock. Specific details such as the timing of the purchase will be finalized through resolutions by the Public Fund Management Committee and Woori Financial’s board of directors, with the stock transfer agreement to be signed by the end of next year. However, if the agreement is not signed by the end of next year, the period may be extended by mutual consent of both parties.
Once the sale of the remaining shares is completed, the 25-year privatization process of Woori Financial will also be concluded. Woori Financial explained that the treasury stock purchase lays the foundation for enhancing shareholder value.
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A financial industry official said, “The agreement appears to have been reached as Woori Financial’s proactive commitment to shareholder-friendly policies such as the introduction of quarterly dividends and resolutions for treasury stock purchase and cancellation aligns with KDIC’s policy of early recovery of public funds,” adding, “With this agreement, Woori Financial is expected to resolve the overhang issue and implement various shareholder return policies.”
Woori Financial Group signed a basic agreement on stock transfer with the Korea Deposit Insurance Corporation on the 5th. From the left, Yoo Jae-hoon, President of the Korea Deposit Insurance Corporation; Lee In-moo, Private Sector Chairman of the Public Fund Management Committee; and Lim Jong-ryong, Chairman of Woori Financial Group. Photo by Woori Financial Group
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