Dongyang Life Completes Full Subsidiary Integration into Woori Financial
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Dongyang Life has completed its comprehensive stock exchange on the 11th, becoming a 100% subsidiary of Woori Financial Group. The stock exchange agreement was signed last April, and the process was completed after approval from the relevant authorities and a resolution at the shareholders' meeting. The shares held by existing Dongyang Life shareholders will be converted into Woori Financial Group shares at a predetermined ratio. The exchange ratio is 0.2521056 shares of Woori Financial Group common stock for each share of Dongyang Life, with a total of 8,696,875 new common shares to be issued. With this integration, Dongyang Life's shareholder structure has changed to a single shareholder system under Woori Financial Group, and the governance structure of the insurance subsidiary has been organized into a complete subsidiary form. Dongyang Life will be able to swiftly implement its management strategy, and cost reductions and the establishment of a sustainable management system are expected due to the elimination of dual listings. During the stock exchange process, some minority shareholders opposed the exchange ratio, and Woori Financial Group adjusted the buyback price for dissenting shareholders by increasing it by 10% to 9,356 won. Dongyang Life is undergoing delisting procedures for the first time in about 17 years since it was listed on the securities market in 2009, with the trading suspension period set from August 7 to 28. The newly issued shares of Woori Financial Group are expected to be listed on August 31.
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