Kyobo Life ends 7-yr put option dispute with Affi... > 경제기사 | economics

South Korea’s Kyobo Life Insurance Co. has concluded a seven-year dispute with its financial investor Affirma Capital Pte. over the price of a put option.

According to financial and investment banking IB industry sources on Sunday, private equity firm Affirma sold its 5.33 percent stake in Kyobo Life to its Chairman Shin Chang-jae on Friday at 198,000 won $135.68 per share based on the pre-stock split price.


Shin and Affirma signed an agreement regarding the per-share price. The transaction concludes the dispute between the two parties, which had been ongoing since 2018.

The final price agreed upon is about half of what Affirma had originally demanded when exercising its put option.

Affirma became a financial investor in Kyobo Life by acquiring a stake in 2007.

At that time, the Singapore-based private equity firm also entered into a put option agreement that allowed it to sell its shares to Shin if Kyobo Life failed to go public by the end of 2012.

When Kyobo Life failed to list, Affirma exercised its put option against Shin in November 2018 at a price of 397,900 won per share.

It then filed for two rounds of international arbitration with the International Chamber of Commerce ICC.

With the price now determined and the share sale executed, Affirma plans to withdraw its arbitration lawsuit.

The latest development could also influence the ongoing dispute between Kyobo Life and Affinity Equity Partners Ltd.

Affinity exercised its put option around the same time as Affirma at a price of 410,000 won per share and has continued its international arbitration lawsuit.

The Asian private equity firm acquired a 24.01 percent stake in Kyobo Life in 2012 and entered into a put option contract in case Kyobo Life failed to go public by 2015.

If the put option dispute is resolved within this year, Kyobo Life’s transition into a financial holding company could materialize, according to industry sources.

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