Acquisition of Shares of Korea Exchange Bank
2006-06-01On May 19, 2006, the Board of Directors of Kookmin Bank passed a resolution to approve the acquisition of shares of KEB. The acquisition details are as follows:
• Number of shares to be acquired: 416,750,000 shares 64.62% of KEB’s outstanding shares
• Purchase price: 6,334,600 million Won
• Total number of shares of KEB after the acquisition: 416,750,000 shares
• Method of acquisition: Transaction with the 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 number of shares to be acquired includes shares that may be acquired by a consortium of co-purchasers not yet determined.
- The Export-Import Bank of Korea has the right, following the execution of the Share Purchase Agreement, to require Kookmin Bank to purchase KEB shares owned by it. If Kookmin Bank is required to purchase the shares from Export-Import Bank of Korea, Kookmin Bank’s stake will increase from 64.62%(416,750,000 shares) to 70.87% (457,064,387 shares) of KEB’s outstanding shares.
- The closing date for the acquisition is not yet fixed. The closing is conditioned upon the satisfaction of certain closing conditions, and shall occur on the latter of 45 days after the contract date and 5 business days after completion of the government approval process.