Former DaouKiwoom Group Chairman Kim Ik-rae launched a tender offer for Saramin but failed to secure the targeted number of shares.
According to the Financial Supervisory Service on the 15th, subscriptions in Saramin's tender offer totaled 672,387 shares, or 74.7% of the planned 900,000 shares.
Earlier, the former chairman disclosed that, to strengthen accountable management, he would conduct a tender offer for 900,000 shares, equal to 7.68% equity in Saramin, at 18,000 won per share. That is 25.44% higher than the previous trading day's closing price of 14,350 won before the tender offer announcement.
The tender offer ran from the 23rd of last month to the 13th of this month. With final subscriptions amounting to about 670,000 shares, the total transaction amount is estimated at about 12.1 billion won.
With this purchase, the equity stake of DaouKiwoom Group and its specially related parties will rise by 6.26 percentage points from before to 58.24%. They are Daou Technology (35.56%), Daou Data (6.81%), Kiwoom Securities (3.17%), eMoney (2.8%), and the former chairman Kim (9.65%).
Meanwhile, the former chairman said earlier that he is not considering a voluntary delisting after the tender offer. In stating the purpose of the tender offer and future plans, the former chairman said, "We seek to enhance shareholder value by establishing a swift and efficient decision-making system and by improving the business competitiveness of the target company."