The Public Fund Oversight Committee approved the privatization plan for Woori Bank on Monday, June 23.
Woori Financial Holdings will be merged to Woori Bank. The controlling 30% of KDIC’s 56.97% stake in Woori Bank will be put up for public bidding. The remaining 26.97% of Woori Bank’s shares will be put up for competitive bidding for individual investors seeking investment profits. Bidders are allowed to make bids for minority shares of between 0.5% and 10%. As an incentive to draw more tenders, successful bidders will be given call options to 0.5 shares per share.
Sale of controlling stake and minority shares will be proceeded simultaneously. Public announcement on the sale will be made in September and the bid will be closed at the end of November. Final bidders for controlling stake and successful bids for minority shares will be decided by the end of 2014.
Please read the press release for further details -> http://www.fsc.go.kr/downManager?bbsid=BBS0048&no=91015