April 26, 2024

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Igis Asset Management, South Korea’s largest property investment firm by assets under management, gained regulatory approval for an ownership transfer on May 29.

The news cleared the hurdles ahead of the Seoul-based company’s renewed attempt for an initial public offering.

The Financial Services Commission, Korea’s financial regulator, approved an ownership transfer from late Chairman Kim Dai-young to his wife, allowing her to take over 45.5 percent stake.

Existing board members -- Cho Kab-joo, Kang Young-goo and Lee Kyu-sung -- will remain in their posts as co-CEOs of the company.

Igis operates real estate funds worth some 25 trillion won ($20.9 billion), which invest in properties at home and abroad.

The firm’s pursuit for an IPO abruptly halted last year as ex-chairman Kim died at age 81 in October 2018.

If Igis goes public, it would mark the first asset management company in Korea to be trading on a Korean stock bourse. KB Securities and Samsung Securities have been selected as the underwriters for the IPO.

By Son Ji-hyoung (consnow@heraldcorp.com)