[Alpha Biz= Kim Jisun] Dongyang Life Insurance shares surged more than 19% on July 7 amid reports that Woori Financial Group is considering purchasing the remaining stake in the company.



Dongyang Life closed at KRW 7,880, up 19.21% from the previous trading session. The stock jumped 19.52% at market open and maintained gains around the 20% level throughout the session.



The rally was fueled by media reports that Woori Financial Group is looking to acquire the remaining 21.20% stake in Dongyang Life to make it a wholly owned subsidiary.



Woori Financial signed a deal last August to acquire a 75.34% stake in Dongyang Life, and on July 1 officially completed the process of incorporating the insurer as a subsidiary.



The group is reportedly reviewing plans to fully acquire the company and subsequently delist it in order to enhance management efficiency.

 

 

 

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