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Woori acquires 65.7% stake in Kukje Asset Trust

Woori Financial Group has decided to acquire controlling stake of 65.7 percent in Kukje Asset Trust from its largest shareholder with approval from its board members, the company said Monday.

The group’s latest move to acquire the privately held real estate management company comes as it aims to accelerate integration of its affiliate firms and expand its business. 

Woori Financial Group headquarters in central Seoul. (Yonhap)
Woori Financial Group headquarters in central Seoul. (Yonhap)

It plans to acquire the majority stake from the real estate management firm’s Chairman Yoo Jae-eun and associates by purchasing 44.5 percent of the shares first. The remaining 21.27 percent will be acquired three years later.

The stake is expected to be combined with Woori Financial’s previously acquired 6.5 percent stake in Kukje Asset Trust.

The financial holding firm said it plans to sign a stock purchasing agreement with Yoo soon.

This marks Woori Financial’s second acquisition deal after rebranding itself as a holding company earlier this year. It sealed a package deal in April to acquire Tongyang Asset Management and ABL Global Asset Management simultaneously, from China’s Anbang Group.

By Jung Min-kyung (