KDIC to sell part of its stake in Woori Finance via block trade

SEOUL, Nov. 23 (Yonhap) -- South Korea's state-run deposit insurance agency plans
to sell part of its stake in Woori Finance Holdings Co. through block trade,
financial sources said Monday.

The Korea Deposit Insurance Corp. (KDIC), which holds a 73 percent stake in Woori
Finance, is expected to unload about 4 percent of its shares at 15,350 won
(US$13.3) apiece via block trade on Tuesday before the market opens, according to
financial sources. The offered price is a 4.4 percent discount from Monday's
closing price.
Excluding a controlling 50 percent stake plus one share, the KDIC is looking at
market conditions to sell its 23 percent interest in the financial firm through
block trade. The government plans to sell its 7 percent holding within this year.
South Korea is seeking to sell South Korea's No. 2 financial services company as
part of efforts to privatize it as the local stock market has been recovering
from the global financial turmoil.
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