The Public Fund Oversight Committee(PFOC) held its 103rd meeting on December 4 after receiving the bidding results for Woori Bank shares from the Korea Deposit Insurance Corporation(KDIC).

(Minority shares) Out of the 23.76% stake on sale, the KDIC auctioned off 5.94% for KRW 453.1 billion, which offered higher price than the KDIC’s estimation. Successful bidders will be granted call options accounting for 50% of the winning bid. The sale process will be completed within next week after signing stock sale contracts.

(Controlling shares) The bid ding procedure for the controlling stake, which needs at least two bidders to proceed, will be halted since only one bid had been received.

The PFOC will continue to discuss and then decide when and how to resume sale of the remaining 48.06% stake.

*Please refer to the attached PDF for details.