KDIC divests Hanwha Life block

Government agency removes Korean insurer's share price overhang at a time when the domestic interest rate cycle shows no sign of turning.

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...

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