SEOUL, (Reuters) – Shares in Woori Finance Holdings jumped nearly 3.6 percent on Friday on a local media report a United Arab Emirates sovereign fund may buy a stake in the firm.
“The report buoyed appetite for the shares as such a stake purchase would ease some overhang issues,” said Ku Yong-uk, a market analyst at Daewoo Securities.
An Woori spokesperson said it had no knowledge of the matter.
Woori is owned 57 percent by the South Korean government through state-run Korea Deposit Insurance Corp. The country’s top financial regulator said earlier this week it would come up with a new plan to privatise Woori Finance in the second quarter of this year.
Shares in Woori Finance were up 3.2 percent versus the broader market’s 0.43 percent gain as of 0100 GMT.