OK Savings Bank, Largest Shareholder of iM Financial, Sells Shares

Sold 46 Billion Won Worth to OK Capital
Rise in iM Financial’s Stock Price
Triggered Savings Bank Stock Holding Regulation

OK Savings Bank, the largest shareholder of iM Financial Group, has sold part of its shares. This move was made to avoid issues with capital regulations for savings banks, following a rise in iM Financial’s stock price.

On July 15, OK Savings Bank announced that on July 8, it sold 3,230,338 shares of iM Financial to its affiliate OK Capital through a block deal (off-hours large-volume trading). As a result, its stake decreased from 9.92% to 7.92%. The shares were sold at 14,240 won per share, with the total transaction amounting to 46 billion won.

This sale appears to be due to the increase in iM Financial’s stock price. According to the Supervisory Regulations on Mutual Savings Banks, a savings bank’s total stock holdings must not exceed 50% of its equity capital. In the first quarter of this year, OK Savings Bank’s equity capital was 1.6105 trillion won, while the value of its stock assets among marketable securities was 660.3 billion won. Recently, as iM Financial’s stock price rose, OK Savings Bank’s stock asset value temporarily exceeded 50% of its equity capital.