The Financial Supervisory Service recognized the effectiveness of the amended securities registration statement submitted by Woori Financial Group(316140) for a comprehensive stock exchange with Tongyang Life Insurance(082640). Accordingly, Woori Financial Group is expected to speed up the process of making Tongyang Life Insurance its subsidiary as originally planned.
On the 16th, Woori Financial Group disclosed that the securities registration statement (comprehensive stock exchange and transfer) submitted to the Financial Supervisory Service on the 6th took effect. It came 10 days after submitting the amended securities registration statement on the 6th.
On the 26th of last month, Woori Financial Group received a request from the Financial Supervisory Service (FSS) to file an amended report. At the time, the Financial Supervisory Service explained that the securities registration statement submitted by Woori Financial Group either did not meet formal requirements or omitted or obscured key details, potentially hindering investors' reasonable investment decisions. As a result, the effectiveness of the securities registration statement was suspended, and Woori Financial Group corrected and resubmitted the securities registration statement.
During the review of the amended report, the Financial Supervisory Service (FSS) was said to have focused on whether sufficient explanations were provided on the basis for calculating the stock exchange ratio, among other points, at a meeting held with minority shareholders of Tongyang Life Insurance.
With the amended report now in effect, Woori Financial Group appears set to proceed with making Tongyang Life Insurance a subsidiary as originally planned. Woori Financial Group plans to hold an extraordinary shareholders meeting on the 24th, complete the stock exchange on the 11th of next month, and then issue new shares at the end of the same month to finalize the delisting of Tongyang Life Insurance.