KDIC Sells 0.6% Stake in Seoul Guarantee Insurance, Recovers 19 Billion Won in Public Funds
Cumulative Principal Recovery Rate Reaches 53.64%
Remaining Stake at 78.91%... "Sale to Minimize Impact on Share Prices"
The Korea Deposit Insurance Corporation (KDIC) announced on August 19 that it has sold approximately 0.6% (450,000 shares) of its stake in Seoul Guarantee Insurance through a pre-market block sale.
Through this sale, the KDIC has recovered 19 billion won in public funds. As a result, 5.4975 trillion won out of the original principal of 10.25 trillion won injected into Seoul Guarantee Insurance has now been recovered. The cumulative recovery rate has increased by 0.19 percentage points, from 53.45% to 53.64%.
The KDIC's remaining stake in Seoul Guarantee Insurance has decreased from 79.56% to 78.91%.
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The KDIC stated, "We will continue to explore various options to divest our remaining stake in Seoul Guarantee Insurance," adding, "The timing and method of the remaining stake sale will be determined through further discussions by the Public Fund Oversight Committee, with a focus on minimizing any impact on share prices and other market conditions."
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