Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) covers the month of February 2006, with a resolution date of February 2, 2006. The filing reports a material corporate event involving a joint venture arrangement between Woori CA Asset Management, a wholly-owned subsidiary of Woori F&I, and Japan's Shinsei Bank.
Key Financial Metrics
The filing text does not provide specific financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity for the reporting period. The document focuses exclusively on the structural details of the joint venture.
Historical capitalization data for the subsidiary involved is noted: Woori CA Asset Management was established on September 14, 2002, with an initial capitalization of 4 billion Won.
Material Changes
The primary material change is the transfer of a 49% stake in Woori CA Asset Management. Woori F&I, a direct wholly-owned subsidiary of Woori Finance Holdings, is transferring 49% of its 100% stake to CRT9 Ltd., a subsidiary of Shinseigin Finance (a direct subsidiary of Shinsei Bank). Following this transfer, the subsidiary will be renamed Woori SB Asset Management.
Guidance, Outlook, and Management Commentary
Management has outlined a specific schedule for the transaction:
- Shareholders' agreement and share sales contract planned for conclusion on February 3, 2006.
- Settlement of the share transfer planned for February 28, 2006.
The filing does not contain forward-looking guidance, risk factors, or commentary on unusual items beyond the details of this specific transaction.
Investor Verification Checklist
- Confirm the final settlement of the share transfer on February 28, 2006.
- Verify the execution of the shareholders' agreement and share sales contract on February 3, 2006.
- Monitor the official name change of the subsidiary from Woori CA Asset Management to Woori SB Asset Management.
- Review future filings for the impact of this joint venture on consolidated financial statements.