August 2, 2012 / 8:27 AM / 5 years ago

With no bidders, South Korea suspends Woori sale

SEOUL (Reuters) - South Korea decided to suspend the sale of its 6 trillion won ($5.2 billion) controlling stake in Woori Finance Holdings 053000.KS after failing to evoke interest from potential buyers, a Financial Services Commission official said on Thursday.

The Public Fund Oversight Committee, an independent decision-making body overseeing government auctions, decided to halt its latest attempt to sell Woori after no bidders emerged in an initial bidding last week.

This was the government’s third unsuccessful attempt to sell South Korea’s largest bank holding company by assets.

Reporting By Joyce Lee; Editing by Muralikumar Anantharaman

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