South Korea aims to sell 7 percent of Woori Finance within year
SEOUL (Reuters) - The South Korean government, which owns 73 percent of Woori Finance Holdings (053000.KS), is planning to sell a 7 percent stake in the holding company within the year, a senior official of a top financial watchdog said on Friday.
The possible sale, worth 863 billion won ($740 million) at the market price, will come as Woori (WH.N) shares more than doubled on the year, taking its share price closer to what the government wants to fetch from selling the country's No.3 banking group.
"We view market conditions as having improved," Kwon, Hyouk Se, secretary general of the Financial Services Commission, told a parliamentary audit session.
"We will make a decision to sell 7 percent within the year by holding a meeting of the Public Fund Oversight Committee, depending on market conditions," he added, in reference to Woori.
The fund oversight committee was launched this year to speed up the sale of restructured companies, including Daewoo International (047050.KS) and Ssangyong Engineering & Construction (012650.KQ) to make up for a tax income shortage.
The government is seeking to sell 23 percent of Woori Finance through a block trade or other public deals, with the remaining 50 percent to be offered to a strategic buyer.
Woori rose 0.33 percent to close at 15,350 won on Friday, underperforming the wider market gain of 1.94 percent.
(Reporting by Lee Chang-ho and Kim Yeon-hee; Editing by Chris Lewis)
