KDIC recovers $124.4 million via Seoul Guarantee Insurance’s IPO

( KD IC)

The Korea Deposit Insurance Corporation (KDIC) recovered 181.5 billion won ($124.4 million) in public funds through the initial public offering (IPO) of Seoul Guarantee Insurance (SGI) on the Korea Exchange, the KDIC announced on Monday.
Through the listing, KDIC sold 10 percent (6,982,160 shares) of its 93.85 percent stake in the company. The agency confirmed that it had completed the allocation of shares and the collection of proceeds on the same day. Following the sale, KDIC retains an 83.85 percent stake in SGI Seoul Guarantee.
“Many investors recognized SGI’s growth potential and became new shareholders,” KDIC stated. “As a major shareholder, we will ensure that the company faithfully implements its commitments to shareholder returns and management efficiency to enhance corporate value.”
KDIC President Yoo Jae-hoon reaffirmed the agency’s commitment to recovering public funds injected into financial institutions during times of insolvency. He also emphasized the need to strengthen the principle of self-responsibility within the financial sector while continuing to provide financial support through KDIC’s fund.