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Kyobo Life Insurance Headquarters (Photo: Kyobo Life) |
[Alpha Biz= Kim Jisun] Kyobo Life Insurance is expected to speed up its transition to a holding company following the increase of Japanese financial firm SBI Holdings’ stake.
According to financial industry sources on December 22, the Financial Services Commission approved the change of Kyobo Life’s major shareholder to SBI Holdings at its regular meeting on December 17.
Under the plan, SBI Holdings will acquire 11.1% of Kyobo Life’s shares (11,172,500 shares) from financial investors including the Ontario Teachers’ Pension Plan (OTPP). Upon completion, SBI Holdings’ stake will rise from 9.3% to 20.4%, making it the second-largest shareholder after Kyobo Life Chairman Shin Chang-jae, who holds 33.78%. The share transfer is expected to be completed within 10 business days from the regulator’s approval, likely by the end of the year.
For Kyobo Life to convert into a holding company, it requires regulatory approval and a two-thirds majority vote from attending shareholders at the general meeting.
Kyobo Life previously attempted a holding company conversion in 2023, but the plan was halted due to a put-option dispute with its then-second-largest shareholder, Affinity. The dispute is now resolved following SBI Holdings’ acquisition of Affinity’s shares.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
