Dongyang to Receive 3.29 Million Woori Financial Group Shares, Expected to Recoup 5.6 Times Its Investment

[Financial News] Dongyang, an affiliate of Eugene Group, will receive Woori Financial Group shares worth about 101.8 billion won in kind through the liquidation of a private equity fund (PEF). Including cash distributions received earlier, it is expected to recoup about 5.6 times its initial investment.
According to financial investment industry sources on the 11th, Dongyang is expected to acquire about 3.29 million common shares in Woori Financial Group on December 1 as a result of the liquidation of Eugene W Private Equity Investment Partnership. The shares are valued at about 101.8 billion won.
Dongyang invested 30 billion won in the fund in December 2021. It later received about 65 billion won in cash as part of the recovery of its investment. Including the shares to be acquired this time, total recoveries will amount to about 166.8 billion won, or about 5.6 times the initial investment.
Once the liquidation process is complete, Dongyang will directly hold a stake in Woori Financial Group without going through the fund. However, about 101.8 billion won of the assets expected to be recovered will consist of shares, not cash.
“The 2021 investment has resulted in cash distributions, followed by an in-kind distribution of Woori Financial shares,” a Dongyang official said. “Building on the results of this investment, we will improve capital efficiency and continue to enhance both corporate value and shareholder value.”
Meanwhile, Eugene Investment & Securities also disclosed the previous day its plan to acquire Woori Financial Group shares following the liquidation of the same fund. The planned acquisition is 2,968,152 common shares, valued at about 91.8 billion won.

[email protected] Im Sang-hyeok Reporter