DGB Financial Group Co., LTD. completed the acquisition of 85.32% stake in HI Investment & Securities Co., Ltd. from Hyundai Mipo Dockyard Co., Ltd. and others.
October 30, 2018
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DGB Financial Group Co., LTD. (KOSE:A139130) entered into an agreement to acquire a 85.32% stake in HI Investment & Securities Co., Ltd. from Hyundai Mipo Dockyard Co., Ltd. (KOSE:A010620) and others for KRW 450 billion on November 8, 2017. Under the terms of the transaction, DGB Financial Group Co., LTD. will acquire 342.4 million shares of HI Investment & Securities Co., Ltd. On June 7, 2018, the acquisition amount was amended to KRW 470 billion. On October 30, 2018, the acquisition amount was amended to KRW 471.99 billion.
The transaction was approved by the Board of Directors of DGB Financial Group Co., LTD. on November 8, 2017. On September 10, 2018, the transaction is approved by Financial Services Commission. The transaction is expected to close on March 30, 2018. As on March 30, 2018, the expected closing date was changed to an unknown date. As of June 7, 2018, the transaction is expected to close on September 30, 2018. As of September 28, 2018, the transaction is expected to be completed on October 30, 2018. Ernst & Young, Korea acted as an accountant for Hyundai Mipo Dockyard Co., Ltd. Sky Yang, Young Mo Kim, Mi Eun Roh, Chulhong Park and Min Kyung Song of Bae Kim & Lee acted as legal advisors for DGB Financial Group.
DGB Financial Group Co., LTD. (KOSE:A139130) completed the acquisition of 85.32% stake in HI Investment & Securities Co., Ltd. from Hyundai Mipo Dockyard Co., Ltd. (KOSE:A010620) and others in October, 2018.
DGB Financial Group is a Korea-based company mainly engaged in the banking business. The Company operates through six segments. The Banking segment uses funds acquired in the form of deposits from the general public as its main source, and supplies funds in the form of short- and long-term loans to fund consumers. The Life Insurance Business segment engages in the life insurance business. The Financial Investment Business segment engages in investment trading business, investment brokerage business, discretionary investment business, investment advisory business, and collective investment business. The Specialized Credit Finance Business segment engages in the facility rental business, installment finance business, and new technology business finance business. The Asset Management Business segment engages in securities investment trust management and investment advice. The Financial Holding Business segment engages in financial support and business management for subsidiaries.
DGB Financial Group Co., LTD. completed the acquisition of 85.32% stake in HI Investment & Securities Co., Ltd. from Hyundai Mipo Dockyard Co., Ltd. and others.