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Dongyang Life Insurance headquarters in Cheongjin-dong, Seoul. (Photo courtesy of Dongyang Life Insurance) |
[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.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
