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Woori Bank shareholders exercise appraisal rights

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Woori Bank shareholders exercise appraisal rights

South Korea-based Woori Bank repurchased 11,453,702 own shares from shareholders who opposed a stock transfer scheme in connection with the bank's plan to convert itself into a financial holding company, according to a Form 6-K filed Jan. 8.

Under the stock transfer scheme, Woori Bank's shareholders are entitled to receive 1 common share of Woori Financial Group, the new financial holding company, for 1 share of the bank. Shareholders who objected to the board's resolution approving the stock transfer scheme exercised their appraisal rights between Dec. 28, 2018, and Jan. 7, according to the bank's filings.

The bank said it repurchased 11,453,702 shares for 16,079 apiece, or 184.16 billion won. The payment is expected to be made Jan. 9.

As of Jan. 8, US$1 was equivalent to 1,122.91 South Korean won.