The schedule for a comprehensive stock swap to make Dunamu a wholly owned subsidiary of Naver Financial has been postponed again.
Naver disclosed on the 6th that the stock swap date for its subsidiary Naver Financial with Dunamu has been changed to Dec. 31. The shareholders meeting date was also adjusted to Nov. 19.
This stock swap is a procedure for Naver Financial to make Dunamu a 100% subsidiary. Naver Financial said that after completing the stock swap, it would work to list Naver Financial shares on the securities market and that it plans to form an IPO committee within one year after the stock swap is completed.
However, as of the disclosure date, whether to pursue a listing for Naver Financial, the schedule, and the execution plan have not been decided in detail. The transaction must undergo government approvals, including a corporate combination approval by the Korea Fair Trade Commission, approval for a change in Naver Financial's largest shareholder and concurrent business reporting, and acceptance of a change-in-largest-shareholder filing for Dunamu.
A Naver Financial official said, "The two companies are actively cooperating with the Korea Fair Trade Commission (FTC)'s review procedures and are faithfully explaining the purpose and necessity of this transaction, which aims to build competitiveness in the global digital finance market," adding, "We will continue to communicate with the authorities and do our best to ensure the transaction is smoothly completed."
A Dunamu official also said, "We are faithfully explaining the purpose of the combination to secure global competitiveness during the digital finance paradigm shift." Earlier, in November last year, Naver Financial released that it would make Dunamu a 100% subsidiary through a comprehensive stock swap to secure future growth engines based on digital assets.