Sangsangin has pushed back the planned disposal date for its stake in Sangsangin Savings Bank to next month.
The company changed the scheduled date for the share disposal to Oct. 12, according to financial industry sources on the 21st. The delay followed the buyer's withdrawal of its application for a regulatory review of its eligibility as a major shareholder. The disposal price remains unchanged at 110.7 billion won.
If the sale proceeds as planned, Sangsangin's holding in Sangsangin Savings Bank will fall to 9.99%, or 1,359,999 shares. KBI Kukin Industrial, an affiliate of KBI Group, earlier signed a share purchase agreement to acquire a 90.01% stake in Sangsangin Savings Bank from Sangsangin.
KBI Group plans to renegotiate detailed terms with Sangsangin Group and then move step by step through the required reviews, including approval from financial regulators for the change in major shareholder. "Our commitment to acquiring Sangsangin Savings Bank has not changed since October last year," an official at KBI Group said. "We will strictly comply with the relevant laws and work closely with Sangsangin Group to faithfully complete the remaining procedures."
