Woori Financial Group's inclusion of Tongyang Life Insurance as a subsidiary was finally approved by Woori Financial's board.
On the 24th, according to the financial industry, Woori Financial's board approved a comprehensive stock exchange to make Tongyang Life Insurance a wholly owned subsidiary of Woori Financial. The stock exchange date is Aug. 11, and new shares of Woori Financial Group will be listed on Aug. 31. Tongyang Life Insurance will accept appraisal rights for share repurchases until Aug. 3. If Tongyang Life Insurance is delisted from the Korea Exchange, Tongyang Life Insurance will be incorporated as a wholly owned subsidiary of Woori Financial Group.
Earlier the same day, ahead of Woori Financial's board meeting, Tongyang Life Insurance also held an extraordinary shareholders meeting in the morning and approved the stock exchange. Based on the total number of issued shares with voting rights, the approval rate was 79.9%, and based on the number of shares that exercised voting rights, the approval rate was 93.6%, passing as originally proposed.
Earlier, when some minority shareholders objected to the calculation of the stock exchange ratio, Tongyang Life Insurance held two briefing sessions and explained the calculation basis. Woori Financial Group also raised the exercise price for appraisal rights granted to opposing shareholders by 10% to 9,356 won from the previous 8,505 won early this month.
The stock exchange ratio is 0.2521056 shares of Woori Financial Group per 1 share of Tongyang Life Insurance, and the exchange price is set at 34,589 won for Woori Financial Group and 8,720 won for Tongyang Life Insurance. The securities registration statement submitted by Woori Financial took effect on the 16th with the approval of the Financial Supervisory Service. It was about two months after a correction order was imposed on May 26.