Woori Financial Group Selects Daol Investment as Preferred Bidder for Sale

[Asia Economy Reporter Hyungsoo Park] Daol Financial Group selected Woori Financial Group as the preferred negotiation partner on the 17th for the sale of its affiliate Daol Investment.

Daol Financial Group conducted negotiations with multiple potential buyers to sell 52% of Daol Investment shares held by Daol Investment & Securities. After reviewing the acquisition conditions, the board of directors decided on Woori Financial Group.

A binding MOU was signed to select the preferred negotiation partner, and the formal sale process will proceed. After signing the MOU, due diligence will be conducted, with plans to complete the sale process within the first quarter.

Daol Financial Group decided to sell the affiliate as part of a business restructuring to respond to the uncertain financial market and secure new growth engines for the future. The plan is to secure financial stability through sufficient liquidity and restore trust by dispelling market concerns. Upon completion of the sale, more than 200 billion KRW will be inflowed. It is expected that capital expansion through sale profits will resolve liquidity concerns and improve the financial structure.

Daol Investment is a leading domestic venture capital firm with over 40 years of experience and is listed on the KOSDAQ. As of the third quarter of last year, its total assets amounted to 309.2 billion KRW, and its equity capital was 285.8 billion KRW. Its assets under management (AUM) total 1.4593 trillion KRW.

A Daol Financial Group official stated, "Woori Financial Group is the optimal acquirer for Daol Investment to sustain growth," adding, "Daol Financial Group will strengthen financial stability through M&A, restore market trust, and pursue a new leap forward by securing new growth engines."