S. Korea unveils plan for Woori Finance sale

SEOUL, May 17 (Yonhap) -- South Korea announced a much-awaited road map for the sale of Woori Finance Holdings Co. on Tuesday, restarting the stalled process for privatizing the country's second-biggest financial group by assets.
The Public Fund Oversight Committee, which handles state asset sales, suspended its process to sell the 56.97 government stake in Woori Finance last December due to a lack of investor interest.
The committee said in a statement it plans to reopen the sale process to sell the state share worth 6.3 trillion won (US$5.8 billion) by market value. A buyer is required to bid for a minimum 30 percent share, according to the statement.
The public fund watchdog also said it will push to sell all Woori Finance subsidiaries, including two regional banks and the brokerage unit Woori Investment & Securities Co., to a single buyer.
pbr@yna.co.kr