By Jennifer Chiou
New York, Dec. 12 - The board of directors of Woori Finance Holdings Co., Ltd.'s wholly owned subsidiary, Woori Bank, resolved to increase capital with an issue of KRW 700 billion of convertible preferred shares, according to a 6-K filing with the Securities and Exchange Commission.
The bank plans to issue 70 million shares with par value KRW 5,000 per share at a purchase price per share of KRW 10,000.
The non-cumulative preferreds will have an 8% dividend rate. They will be convertible between the third and 10th years after issue on a one-to-one basis.
Prior to the capital increase, Woori bank has 635,956,580 common shares issued.
Proceeds will go toward working capital.
Settlement is slated for Dec. 16.
| Issuer: | Woori Bank
|
| Issue: | Convertible preferred shares
|
| Amount: | KRW 700 billion
|
| Shares: | 70 million
|
| Price: | Par of KRW 10,000
|
| Dividend rate: | 8%
|
| Conversion: | Between third and 10th years after issue
|
| Conversion ratio: | 1:1
|
| Announcement date: | Dec. 12
|
| Settlement date: | Dec. 16
|
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