Business Context and Reporting Period
This Form 6-K filing by Woori Financial Group Inc. covers a material event occurring in September 2019, specifically dated September 25, 2019. The filing details a significant corporate restructuring involving the group's subsidiary, Woori Card Co., Ltd., and a subsequent stock sale transaction.
Key Financial Metrics and Transaction Details
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, or margins for the period. Instead, it discloses specific transaction values related to a stock sale:
- Transaction Price: W 358,475,892,456 (Korean Won).
- Shares Sold: 28,890,707 common shares of Woori Financial Group Inc.
- Buyer: Fubon Life Insurance Co., LTD (a Taiwanese company).
- Transaction Dates: Contract date of September 25, 2019; transaction date of September 26, 2019.
Material Changes and Corporate Structure
A major structural change occurred on September 10, 2019, when Woori Card Co., Ltd. became a direct subsidiary of Woori Financial Group Inc. through a comprehensive stock exchange between Woori Bank and the Group. As part of this exchange, Woori Bank acquired 42,103,377 shares of Woori Financial Group's common stock. The filing notes that Woori Bank's total assets comprise 99.2% of Woori Financial Group's total assets.
Outlook and Future Dispositions
Following the sale to Fubon Life Insurance, Woori Bank intends to dispose of the remaining common shares of Woori Financial Group held by it. The Group plans to engage advisors, including Goldman Sachs, to review and discuss potential sales to strategic or financial investors, both domestic and foreign. This plan was previously disclosed in a Form 6-K filed on June 21, 2019.
Key Facts for Investor Verification
- Verify the final settlement of the W 358.5 billion stock sale to Fubon Life Insurance Co., LTD.
- Confirm the timeline and pricing for the disposal of the remaining Woori Financial Group shares held by Woori Bank.
- Monitor the impact of the September 10, 2019 restructuring on the group's consolidated financial statements.
- Review the role of Goldman Sachs in the upcoming share disposal process.