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South Korean tech firm CTGen drops savings bank acquisition bid

South Korea's CTGen Co.Ltd. said in a regulatory filing Aug. 9 that it dropped its 16.2 billion won bid to acquire Dae Won Mutual Savings & Finance Co. Ltd., citing a delay in obtaining regulatory approval.

CTGen had announced its acquisition of 10,904,020 common shares in the mutual savings bank for 16.2 billion won in November 2018.

The company withdrew the decision due to a delay in the regulatory review of its eligibility to become the controlling shareholder of a mutual savings bank, according to the filing.

As of Aug. 9, US$1 was equivalent to 1,214.19 South Korean won.