Additional Acquisition of Shares of Korea Exchange Bank
2006-06-13On June 12, 2006, Kookmin Bank received an official notice from LSF-KEB Holdings SCA that Export-Import Bank of Korea (KEXIM) had made a decision to exercise its tag-along option, requiring Kookmin Bank to purchase Korea Exchange Bank (KEB) shares owned by KEXIM. The details are as follows:
• Number of shares to be acquired: 40,314,387 shares, or 6.25% of KEB's outstanding shares
• Purchase price: 612,778,682,400 Won
• Total number of shares of KEB owned by Kookmin Bank after the acquisition: 457,064,387 shares, or 70.87% of KEB's outstanding shares
• Method of acquisition: Transaction with a major shareholder of KEB
• Purpose of acquisition: Through its acquisition of KEB, Kookmin Bank seeks to enhance shareholder value by strengthening its financial services and recognizing significant synergies.
- The closing date for the acquisition is not yet fixed. The closing is conditioned upon the satisfaction of certain closing conditions and shall occur at the latter of 45 days after the contract date and five business days after completion of the government approval process.