The schedule for the comprehensive stock swap to incorporate Dunamu as a wholly-owned subsidiary of Naver Financial has been postponed once again.
Naver announced in a regulatory filing today (July 6) that the date for the stock swap involving its subsidiary, Naver Financial, has been rescheduled to December 31.
The date for the shareholders' meeting has also been adjusted to November 19.
Naver Financial explained, "The existing schedule has been further extended to secure sufficient time to stably conclude the transaction, taking into account the review process by the Korea Fair Trade Commission and reporting procedures to financial authorities."
This stock swap is a process for Naver Financial to incorporate Dunamu as a 100% subsidiary.
Naver Financial stated that it intends to strive for a public listing of its shares on the stock market following the completion of the stock swap, and plans to form an IPO committee within one year after the transaction is finalized.
However, the company noted that as of the filing date, specific details regarding the pursuit of a listing, including the timeline and execution plans, have not yet been determined.
The transaction is subject to government approvals, including merger clearance from the Korea Fair Trade Commission, approval for the change of the major shareholder of Naver Financial, concurrent business reporting, and the acceptance of the change of the major shareholder of Dunamu.
A representative from Naver Financial said, "Both companies are actively cooperating with the Fair Trade Commission's review process and are faithfully explaining the purpose and necessity of this transaction, which aims to build competitiveness in the global digital finance market," adding, "We will continue to communicate with the authorities and do our best to ensure the transaction is completed smoothly."
A representative from Dunamu also stated, "We are faithfully explaining the purpose of this combination, which is to secure global competitiveness during this paradigm shift in digital finance."
Previously, Naver Financial announced in November of last year that it would incorporate Dunamu as a 100% subsidiary through a comprehensive stock swap to secure future growth engines based on digital assets. (Photo: Yonhap News)