Completed the sale of shares of Woori Financial Group by the government by 2022

Government “Completed the sale of shares of Woori Financial Group by 2022”

(Seoul = Yonhap News) Reporter Da-Hye Kim = The government announced on the 28th that the sale of shares in Woori Financial Group is being delayed, but plans to complete it by next year.
The Public Fund Management Committee has decided to continue making efforts to ensure that the roadmap for the sale of shares of Woori Financial Group prepared in June of last year was completed as scheduled by 2022, the Financial Services Commission said on the day.
The government planned to completely privatize Woori Financial Group by selling 17.25% of the Korea Deposit Insurance Corporation’s shares held in the first half of this year and two or three times until 2022.
In June, it set a policy to start the sale in the second half of the year,’when favorable conditions for the sale are established’.
Confucius explained, “There was a difficulty in deciding to start the sale due to a sharp decline in stock prices due to the novel coronavirus infection (Corona 19), difficulties in holding briefing sessions for domestic and foreign investors, and expanding market uncertainty due to the US presidential election.”
He said, “Please understand that not selling this year is a comprehensive consideration of these market conditions and the goal of maximizing the recovery of public funds.”
In June of last year, Woori Financial Group’s stock price was around 14,000 won, but since then it has fallen significantly, closing the previous day at 9,510 won.
The fair share price for the recovery of public funds invested by the government is known to be around 12,300 won.
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