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KB Financial Group plans Hyundai Securities-KB Investment & Securities merger
By 최희석Published : Sept. 7, 2016 - 09:30
[THE INVESTOR] KB Financial Group on Sept. 6 revealed plans to merge Hyundai Securities with KB Investment & Securities.
In a regulatory filing, KB Financial Group said that it plans to merge the two companies once Hyundai Securities becomes a wholly owned subsidiary through a share swap.
In the merger, Hyundai Securities will absorb KB Investment & Securities. KB Financial Group said the merger is likely to take place in December.
KB Financial Group and Hyundai Securities are currently in process of conducting a share swap at a 1: 0.1907312 ratio. If the plans are approved by Hyundai Securities’ shareholders, the company will be delisted on Nov. 1.
On Sept. 6, KB Financial Group shares closed at 39,500 won (US$ 36.04), and Hyundai Securities closed at 7,450 won.
By Choi He-suk (cheesuk@heraldcorp.com)
In a regulatory filing, KB Financial Group said that it plans to merge the two companies once Hyundai Securities becomes a wholly owned subsidiary through a share swap.
In the merger, Hyundai Securities will absorb KB Investment & Securities. KB Financial Group said the merger is likely to take place in December.
KB Financial Group and Hyundai Securities are currently in process of conducting a share swap at a 1: 0.1907312 ratio. If the plans are approved by Hyundai Securities’ shareholders, the company will be delisted on Nov. 1.
On Sept. 6, KB Financial Group shares closed at 39,500 won (US$ 36.04), and Hyundai Securities closed at 7,450 won.
By Choi He-suk (cheesuk@heraldcorp.com)
