South Korea’s financial behemoth Shinhan Financial Group is slated to gain full ownership of its newly-acquired subsidiary Neoplux -- a former venture capital arm under Doosan Group -- as soon as the two sides complete a small-scale stock exchange at the end of this month, a filing showed on Dec. 9.
According to DART, the Financial Supervisory Service’s electronic disclosure board, the banking giant will carry out the small-scale stock exchange with Neoplux on Dec. 30.
(Logos of Shinhan Financial Group and Neoplux)
Starting last Monday, Neoplux has begun to receive objections from its shareholders regarding the stock exchange, which will continue until next Thursday, data showed. If the objections do not exceed the legal limit, the ongoing stock exchange process will be wrapped up successfully, officials said.
Shinhan Financial acquired a controlling 96.77 percent stake in Neoplux for 73 billion won ($61.6 million) in August, in a step to bolster its investment financing service platform.
By Choi Jae-hee (firstname.lastname@example.org)