[Asia Economy Reporter Lim Jeong-su] Jeju Bank is showing a sharp rise during trading hours following news that Naver is acquiring shares.
As of 9:25 AM on the 20th, Jeju Bank's stock price is trading at 510 KRW, up 14.99% from the previous day's closing price. The stock initially hit the upper limit price, then fluctuated sharply before settling at the current price.
The stock price increase is interpreted as a result of the news about Naver's share acquisition. It is reported that Naver is in discussions to purchase shares of Jeju Bank as part of its entry into the financial industry.
Shinhan Financial Group is the largest shareholder of Jeju Bank, holding 75.31% of the shares. The remaining shares are held by related parties and minority shareholders.
The value of 100% of Jeju Bank's shares has increased to approximately 150 billion to 170 billion KRW.
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