Disposal of Preferred Shares of San ju San Financial Group, Inc.

Press Release

Date: August 8, 2022

  1. Based on the Act on Special Measures for Strengthening Financial Functions, San ju San Financial Group, Inc. recently requested to the Resolution and Collection Corporation (the RCC hereafter) to dispose the bank’s preferred shares held by the RCC. The DICJ received the RCC’s application on disposing the shares for approval.
  2. Today, the DICJ approved the RCC’s application based on the approvals of the Commissioner of the Financial Services Agency and the Minister of Finance on the matter.
  3. This disposal of preferred shares, which is outlined as below, will result in full repayment of public funds injected into San ju San Financial Group, Inc.
 
Outline of related preferred shares
Name of share Class 1 Preferred Shares
Total amount issued \30,000,000,000
Number of shares issued 4,200,000 shares
Value Per Stock \5,000 divided by 0.7
Amount currently held \30,000,000,000
Number of shares currently held 4,200,000 shares
 
Outline of the disposal
Name of share Class 1 Preferred Shares
Disposed Book Value \30,000,000,000
Number of shares of disposal 4,200,000 shares
Value Per Stock \5,000 divided by 0.7 plus Past Class 1 Preferred Dividends
Total disposal amount \30,127,764,000
Expected date of disposal August 12, 2022

 

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