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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Sangjin] On the 30th, it was reported that IMM Private Equity (IMM PE), a leading South Korean private equity firm, recently sold a substantial stake in Woori Financial Group. The sale involved 26.4 billion won worth of shares (16,777,107 shares) through an off-hours block deal. IMM PE sold approximately 2.3% of its holdings, with the sale price set at 15,737 won per share.
IMM PE originally acquired its stake in Woori Financial Group in 2016, participating in the sale of shares by the Korea Deposit Insurance Corporation (KDIC) with an investment of 450 billion won, becoming a significant shareholder. At that time, it acquired a 6% stake, which was later reduced to 5.57% through a swap with Woori Comprehensive Finance. The initial purchase price was about 11,000 won per share.
In March of this year, IMM PE sold 1.72% of its shares at 14,370 won per share through a block deal. Now, it has sold an additional 2.3% at 15,737 won per share. Due to Woori Financial's share buybacks and cancellations, IMM PE's remaining stake in Woori Financial is currently 1.38% (10,261,893 shares).
The reason for IMM PE's decision to divest from Woori Financial twice this year is attributed to the recent rise in the company's share price. Woori Financial's stock, which had fluctuated around the 11,000 won mark, has recently seen an upward trend, benefiting from government value-up programs.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
