POSCO Sells Entire Stake in Woori Financial Group, Securing 676.5 Billion Won

POSCO has sold its entire stake in Woori Financial Group, securing approximately 676.5 billion won.

POSCO Daechidong Office Building. Photo by Yonhap News

According to the industry on October 1, POSCO sold 20.28 million shares of Woori Financial Group (about 2.7%) via a block deal before the market opened that day. This sale is part of the POSCO Group's ongoing restructuring of non-core assets.

The sale price per share was 33,360 won, bringing the total transaction value to around 676.5 billion won. Bank of America (BofA), HSBC, and Samsung Securities served as joint managers for this block deal.

Earlier, in August, POSCO Group raised a total of 2.5 trillion won by partially selling stakes in POSCO International and POSCO DX while maintaining over 50% shareholding in each. POSCO also plans to sell part of its stake in POSCO Future M by next year.

At the end of 2023, POSCO received 20.8 million shares of Woori Financial Group from POSCO Holdings. This transfer was made as POSCO Holdings converted to a holding company structure in 2022, in order to comply with the Monopoly Regulation and Fair Trade Act, which restricts holding companies from owning shares in financial firms. The amount raised through this sale is about 414.9 billion won more than the original acquisition price at that time.

POSCO plans to use the funds secured through this stake sale to support its domestic and international growth investments.

This content was produced with the assistance of AI translation services.