kdic-sells-7-of-woori-after-placement-is-upsized

KDIC sells 7% of Woori after placement is upsized

The state agency, which holds Woori shares on behalf of the government, raises $745 million from the sale.

The Korean government has sold a 7% stake in Woori Finance Holdings after a share placement last night was increased beyond what was initially indicated to W863.3 billion $745 million. Woori Finance is the largest financial holding company in Korea and the owner of Woori Bank.

According to a term sheet, Korea Deposit Insurance Corp KDIC, which prior to this sale held a 73% stake in Woori on behalf of the government, offered to sell approximately 32.24 million Woori shares, or a 4% stake in the company, with an option to upsize by 25% to 40.3 million shares. If that option had been exercised in full, the total deal size would have accounted...

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