Govt unloads more shares in Woori Fin, to sell last 1.29% by end of year

[Photo by MK DB]

The South Korean government has further disposed of its holding in Woori Financial Group, leaving just 1.29 percent out of full ownership gained in the wake of 1997-1998 Asian financial crisis, while the financial group embarked on an international roadshow to eagerly seek investment as a fully privatized entity.

State-run Korea Deposit Insurance Corporation (KDIC) disclosed it has sold 2.33 percent out of 3.6 percent stake in Woori Financial Group in a block sale before the market opened on Wednesday.

Shares of Woori Financial fell 5.1 percent to 14,900 won ($11.74) on oversupply concern.

KDIC sold the shares at 258.9 billion won. With this, it has retrieved 12.87 trillion won so far, slightly above 12.77 trillion won the government spent to merge several ailing banks and create Woori Bank.

The government plans to unload the remaining shares by the end of this year.

Woori Financial Group meanwhile has resumed investor relations roadshow. It holds IR event in Singapore on May 17-19, and in North America next month.

It is its first overseas IR event in two years due to the pandemic.

The company hopes to draw more foreign capital as foreign ownership is about half of the levels in other Korean financial groups. It was able to raise the level by 6 percentage points this year.

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