SEOUL– The government said Thursday that nine potential investors have officially submitted bids to buy a state-held stake in Woori Financial Holdings Co.
The state-run Korea Depository Insurance Corp. (KDIC) is the largest shareholder of Woori Financial Holdings with a 15.13 percent interest. The government seeks to sell a 10-percent stake by the end of this year as part of efforts to recoup public funds.
The Financial Services Commission (FSC) said nine potential investors had submitted proposals to buy the stake by the 5 p.m. deadline on Thursday. Final bidders will be announced on Monday after a review of the applicants, it added.
The financial regulator did not provide the names of the applicants. They reportedly include Hoban Construction Ltd., Harim Co. and Korea Investment Holdings Co. KT Corp. reportedly dropped its bid after expressing intent in a preliminary bidding process.
The planned stake sale is in line with a government road map to dispose of its interest in the major financial holding company by 2022.
The government injected about 12.8 trillion won (US$10.8 billion) into Woori Finance to keep it afloat in the aftermath of the 1997-98 Asian financial crisis. Woori Finance was renamed Woori Financial in early 2019.
The government sold a 28 percent stake to institutional investors in 2016, and the state deposit insurer offloaded an additional 2 percent for 149.3 billion won in April this year.
Source: Yonhap News Agency