[Featured Stock] Woongjin Surges Over 10% on News of Subsidiary Stake Sale to Improve Financial Structure

[Asia Economy Reporter Eunmo Koo] Woongjin is showing a strong gain of over 10%. It is interpreted that the news of selling shares of its subsidiary Woongjin Booksen to improve its financial structure is having an impact.

As of 9:53 AM on the 8th, Woongjin was trading at 1,290 KRW, up 10.73% (125 KRW) from the previous trading day.

Earlier, Woongjin Group announced through a disclosure that it will sell 5,873,270 shares of Woongjin Booksen, the number one domestic book logistics company, to the private equity fund management company Centroid Investment for 49.3 billion KRW.

The sale includes 4,073,720 common shares and 1,800,000 preferred shares of Woongjin Booksen, with the disposal date set for the 15th. The proceeds from the share sale are planned to be used to improve Woongjin's financial structure.