SGI passes Korea Exchange preliminary examination

Seoul Guarantee Insurance headquarters in central Seoul [SGI]

Seoul Guarantee Insurance (SGI) passed a preliminary examination by the Korea Exchange to go public.

SGI, a comprehensive guarantee service provider, passed the preliminary review two months after it filed a listing application in June, it said on Wednesday.

SGI will decide on the initial public offering date after September.

“We’ve confirmed that the SGI meets the conditions to go public,” the Korea Exchange said in a statement on Tuesday.

Founded in 1969, SGI’s operating profit last year was 727.6 billion won ($540 million). Korea Deposit Insurance Corporation holds 93.85 percent of the company.

It will be the first state-run firm to list after Korea District Heating Corporation in 2010.

SGI is considered one of the biggest initial public offerings this year, with its corporate value estimated at around 3 trillion won.

BY JIN MIN-JI [jin.minji@joongang.co.kr]