Seoul Guarantee Insurance announced on the 24th that it has submitted a securities registration statement for its listing on the stock market.
Through this public offering, Seoul Guarantee Insurance plans to sell 10% (6,982,160 shares) of the total issued shares from the largest shareholder, Korea Deposit Insurance Corporation, which holds 93.85%. The proposed offering price range is from 26,000 won to 31,800 won, with a total offering size of 181.5 billion to 222 billion won.
Seoul Guarantee Insurance aims to list on the stock market in March and will conduct a domestic deal roadshow (corporate briefing for the listing) starting early next month. Demand forecasting for institutional investors will take place from the 20th to the 26th of next month, and public subscription for the offering will be accepted on March 5th and 6th. The joint lead underwriters are Mirae Asset Securities and Samsung Securities.
To enhance its appeal as a dividend stock, Seoul Guarantee Insurance established a mid-term shareholder return policy at its board meeting on the 23rd. It confirmed a settlement of account dividend of 200 billion won for the fiscal year 2024, ensuring a dividend yield of around 10% based on the proposed offering price, and set a goal to guarantee a total shareholder return amount (cash dividends + share buybacks) of 200 billion won annually for the next three years (2025-2027).
Seoul Guarantee Insurance has maintained a stable dividend payout ratio of over 50% and has distributed dividends for 13 consecutive years.
A representative from Seoul Guarantee Insurance said, "We will finalize and announce the amount related to the introduction of a minimum dividend at the half-year settlement this year through a value-up disclosure," and noted, "As the basis for quarterly dividends has been established through the amendment of the articles of incorporation on the 23rd, we will review its implementation in the future and conduct share buybacks in conjunction with the sale of minority stakes by the majority shareholder, Korea Deposit Insurance Corporation, alongside cash dividends."