The Korea Deposit Insurance Corporation KDIC removed some of the share price overhang from Hanwha Life on Wednesday after completing a long-anticipated 2% stock divestment.
The South Korean government agency raised Won133.4 billion $118 million from the sale, which reduced its stake in the life insurance company to 22.8% from 24.8%.
The accelereted 17.37 million-share sale was marketed at a fixed price of Won7,680, representing a 3.6% discount to the stock's Won7,970 close. NH Investment Securities and UBS were joint bookrunners.
Although relative small, the Hanwha Life deal puts a welcome marker in the sand at a time when block trades are sparse...