DB Insurance has become the second-largest shareholder of DAOL Investment & Securities. It is interpreted that Kim Ki-soo, the representative of Presto Investment Advisory, who was threatening Lee Byung-chul, the chairman of DAOL Investment & Securities, sold his equity to DB Insurance and ended the management dispute.
On the 21st, after the regular market closed, DAOL Investment & Securities announced that DB Insurance newly acquired 5,923,990 shares. The intention of the acquisition was for general investment, and the equity ratio is 9.73%.
DB Insurance purchased the equity through a block deal at 3,900 won per share on the 17th. This corresponds to the number of shares and price sold by Kim Ki-soo, the representative of Presto, and Choi Soon-ja, who has a special relationship with him.
Earlier, Kim's side bought a large number of shares in the market when the stock price of DAOL Investment & Securities plummeted due to the 'Contract For Difference (CFD) incident' in April 2023, securing the position of the second-largest shareholder. In September of that year, they changed the purpose of holding equity from 'general investment' to 'management influence' and participated in a shareholder proposal at the regular shareholders' meeting the following year to keep the chairman in check.
However, it appears they decided to sell this time without seeing any significant profits for over two years. Kim's side focused on buying DAOL Investment & Securities shares between 3,100 won and 3,700 won from April to May 2023, and on that day, the closing price of DAOL Investment & Securities was 3,935 won. With this sale, Kim's equity decreased significantly from 14.34% to 4.62%.