kdic-sells-5-of-woori-finance

KDIC sells 5% of Woori Finance

The long-awaited transaction is expected to be priced at the top of the range for a total deal size of $990 million.
June 21, 2007
Korea Deposit Insurance Corporation, or KDIC, last night finally offloaded another 5% of its shareholding in Woori Finance Holdings, taking advantage of a strong day in the market for Korean financial stocks.

Woori, which has hovered in a range between W21,700 and W24,000 per share over the past 3.5 months, jumped 4.8% to W23,000, while Shinhan Group added 4.4% and Kookmin Bank was up 3.9%. The sector gained partly on news that the financial regulator is planning to issue more brokerage licenses, making it easier for banks to establish a presence in the securities market. The benchmark Kospi index edged 0.5% higher to its fourth straight record close.

KDIC hadnÆt signed off on the...
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