KakaoBank drops to record low after shareholder's stake sale

KakaoBank

19/08/2022 04:27

** KakaoBank Corp  323410.KS  shares fall as much as 13% to
hit a record low after one of its shareholders sold shares to
raise about 424 billion won ($319.63 million) in a block trade 
    ** KB Kookmin Bank, one of the shareholders of South Korea's
digital lender KakaoBank, said on Friday it sold about 14.8
million shares, adding that the bank offered shares at 28,704
won 
    ** "KB Kookmin Bank sold some of its shares in KakaoBank to
streamline its internal capital management," the lender said in
a statement, adding that the lender plans to further develop
partnerships with KakaoBank as a shareholder with about 5% stake
    ** "The strategic relationship with KB Kookmin Bank with
KakaoCorp is solid ... it appears that the stake sales was for
capital management (at KB Kookmin Bank)," said a KakaoBank
spokesperson 
    ** KakaoBank was trading down 7.6%, versus the benchmark
KOSPI's  .KS11  0.1% fall as of 0309 GMT 
    


($1 = 1,326.5400 won)

 (Reporting by Heekyong Yang)
 ((Heekyong.Yang@thomsonreuters.com;))