[Asia Economy Reporter Seungjin Lee] Daol Financial Group is selling its core subsidiary Daol Investment to Woori Financial Group.
Daol Investment & Securities announced on the 17th that it signed a memorandum of understanding (MOU) with Woori Financial Group for the sale of shares of its subsidiary Daol Investment. The two companies plan to proceed with due diligence immediately and complete all sale procedures within the first quarter.
Daol Investment & Securities will sell all of its 52.0% stake in Daol Investment. The acquisition amount is reported to be in the low 200 billion KRW range. Daol Financial Group is said to have selected Woori Financial Group considering the conditions proposed by prospective buyers and the future growth potential of Daol Investment. The transaction price will be finalized on the stock sale contract signing date, reflecting the results of due diligence.
Through this sale, Daol Financial Group plans to secure sufficient liquidity to ensure financial stability and restore trust by dispelling market concerns early.
To respond to the liquidity crisis, Daol Investment & Securities implemented voluntary retirement for regular employees at the end of last year and sold Daol Credit Information this month. The sale of its Thailand subsidiary is also underway.
Once the sale of Daol Investment is completed, with an inflow of more than 200 billion KRW, Daol Financial Group expects that liquidity concerns will be resolved through capital expansion from sale profits, and its financial structure will be greatly improved.
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