Duzon Bizon rose more than 7% on news that its second largest shareholder will change to Shinhan Value Up.
As of 9:42 a.m. on the 30th, Duzon Bizon was trading on the KOSPI at 61,000 won, up 4,100 won (7.32%) from the previous close.
The trading volume was 1.69 million shares, and the trading value recorded 103.9 billion won. The stock price, which started at 59,100 won that day, surged during the session and even broke through 63,000 won. Afterwards, profit-taking sales emerged, causing the stock price to give up some of its gains.
The rise in the stock price is attributed to the news that Shinhan Investment Corp.'s special purpose company (SPC), Shinhan Value Up, will replace Bain Capital as Duzon Bizon's second largest shareholder.
Duzon Bizon announced yesterday that Bain Capital, a global private equity fund (PEF) that participated as the second largest shareholder in 2021, disposed of 3,035,552 shares (9.99%) of Duzon Bizon stock to Shinhan Value Up through a block deal on the 29th. For this transaction, Shinhan Investment Corp. participated as the financial advisor and reportedly raised a total of 313 billion won through its own investment funds and external investor recruitment.
Duzon Bizon is strengthening its efforts to enter the global market. Last year, it secured opportunities for global expansion by utilizing the Amazon Web Services (AWS) Marketplace. Starting with the establishment of a Japanese corporation, it plans to expand into Southeast Asian English-speaking countries.
The relationship between Duzon Bizon and Shinhan Financial Group is also expected to become stronger. In 2021, Shinhan Bank participated as a strategic investor (SI), and in 2022, the joint venture Techfin Ratings between the two companies obtained preliminary approval as a credit rating (CB) platform operator specialized in the corporate finance market. This company applied for full approval from the Financial Services Commission in February of this year. Recently, it also announced its intention to challenge the internet-only banking sector.
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