Institutional seller offloads $249 million worth of LG Card shares

The sale comes ahead of an expected offer by Shinhan for shares held by minority shareholders in the company.

An institutional shareholder has sold W230.3 billion $249 million worth of shares in LG Card about a month before Shinhan Financial Group is expected to launch a public tender for shares in the credit card issuer that are currently held by minority investors.

The transaction was completed Tuesday February 13 at a price of W60,600 per share, which represented a 2.1% discount to the closing price of W61,900. The 3.8 million shares were offered to investors without an indicative range...

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