SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2007
Woori Finance Holdings Co., Ltd.
(Translation of registrant’s name into English)
203, Hoehyon-dong, 1-ga, Chung-gu, Seoul, Korea
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submission to furnish a report or other document that the registration foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
Report Regarding Investment Decision
On August 31, 2007, the board of directors of Woori Finance Holdings (“Woori”) approved the acquisition by Woori of a majority interest in Hanmi Capital Co., Ltd. (“Hanmi Capital”).
Key Details:
| Investment Target |
Company Name | Hanmi Capital Co., Ltd. | Representative Director | Myung-sub Lee | ||||
| Capital (Won) | 80,875,455,000 | Number of Issued Shares | 16,506,633 | |||||
| Relation to Company | None. | Business Type | Leasing, Financing, Lending | |||||
| Investment Details |
Number of Shares to be Acquired | 8,499,955 | ||||||
| Investment Amount (Won) | 271,148,564,500 | |||||||
| Shareholders’ Equity of the Company (Won) | 11,933,072,743,449 | |||||||
| Investment Amount to Shareholders’ Equity (%) |
2.3 | |||||||
| Share Ownership After Acquisition |
Number of Shares Owned by Woori | 8,499,955 | ||||||
| Percentage of Shares Owned by Woori (%) | 51.5 | |||||||
| BOD Attendance |
Attending | 5 | ||||||
| Absent | 1 | |||||||
| Method of Investment |
Cash acquisition of shares | |||||||
| Purpose of Investment |
To enter the consumer financing industry to enhance Woori’s non-banking business | |||||||
| Scheduled Date of Investment |
September 14, 2007 | |||||||
Other information:
| • | The above discloses Woori’s definitive decision with respect to the subject matter of Woori’s prior disclosure made on August 24, 2007 in response to an inquiry by the Korea Exchange. |
| • | The shareholders’ equity of Hanmi Capital is given as of December 31, 2006. |
| • | The number of issued shares of Hanmi Capital and number and percentage of shares to be owned by Woori after acquisition is based on the number of common shares as of August 20, 2007. |
| • | Woori will make additional disclosure if required during the acquisition process. |
Summary Financial Information of Hanmi Capital
(unit: Won in millions)
| Total Assets | Total Liabilities |
Shareholder’s Equity |
Capital | Sales | Net Profit | |||||||
| FY2006 |
797,379 | 635,292 | 162,087 | 80,875 | 98,759 | 7,497 | ||||||
| FY2005 |
256,692 | 102,160 | 154,532 | 76,345 | 92,135 | 25,753 | ||||||
| FY2004 |
216,762 | 87,983 | 128,779 | 76,345 | 80,789 | 22,005 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Woori Finance Holdings Co., Ltd. | ||||||
| (Registrant) | ||||||
| Date: August 31, 2007 |
By: | /s/ Byung-Ho Park | ||||
| (Signature) | ||||||
| Name: | Byung-Ho Park | |||||
| Title: | Managing Director | |||||