[Alpha Biz= Paul Lee] South Korea’s Financial Supervisory Service (FSS) has issued a correction order to Dunamu regarding its disclosure on a corporate restructuring transaction involving Naver Financial.
According to the FSS electronic disclosure system on April 3, the regulator found that Dunamu’s filing submitted on March 30—related to a comprehensive share exchange and transfer—contained omissions of key information and inaccuracies that could affect investment decisions.
Specifically, the FSS cited deficiencies in sections covering “future corporate restructuring plans” and “other material information relevant to investment decisions.”
“The details of the report may change following the correction order, and investors should take this into account,” the FSS stated.
The transaction stems from Dunamu’s announcement in November last year that it would become a wholly owned subsidiary of Naver Financial. The deal is structured as a share exchange, under which existing Dunamu shareholders will receive shares in Naver Financial.
Dunamu and Naver Financial also disclosed on March 30 that they had postponed key milestones for the transaction by approximately three months. The shareholders’ meeting has been rescheduled from May 22 to August 18, while the closing date has been delayed from June 30 to September 30.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
