IBK sells E-Mart stake after a long wait

The deal was completed four years after the Korean policy bank announced its intention to sell, coming ahead of a change in accounting rules next year.

IBK sells E-Mart stake after a long wait

Industrial Bank of Korea sold off its entire 3.4% stake in discount store operator E-Mart through an overnight block trade on Thursday, raising W193.5 billion $171 million ahead of the implementation of new accounting measures facing Korean banks next year.

The Korean policy bank executed the transaction on the back of a strong rally in E-Mart’s share price following solid fourth quarter results, when the discount store chain reported a 20.5% increase in operating profit...

To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition

CONFERENCES

  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...