Advantages include tax exemption for shares of Parallel Oilfield Fund and listing on KRX
President Hwang Sung-ho of the Woori Investment and Securities Co.
signs an agreement with the Parallel Oilfield Fund of the United States to
subscribe for its shares for stability and profit potential
on Jan. 24 at the company’s conference room in Seoul.
President Hwang Sung-ho of Woori Investment and Securities Co. said his company signed an agreement on Jan. 24 with the Parallel Oilfield Fund of the United States to apply for its shares for stability and profit potential.
The oil fund is the third such fund to be publicly subscribed in Korea that is destined to set up a fund based on the Overseas Natural Resources Exploration Law and Woori will takeover 39 percent of the Parallel Co. engaged in oil and gas exploration on land in Texas in the United States.
Earnings from the fund will be exempt from taxes until 2014 under the Overseas Natural Resources Exploration Law.
Woori Investment & Securities has been playing a leading role in the development of the domestic financial market and enjoying substantial growth along with the development of the Korean capital market over the last 40 years. Since becoming a part of Woori Financial Group in 2005, the company has established itself as one of the best securities companies in the country with a competitive edge in investment banking (IB), trading, and asset management, President Hwang said.
“Our success has been a result of our concerted, soul-searching efforts to overcome challenges in the ever-changing financial market and offer our customers the best financial value possible,” the CEO said.
“Woori Investment & Securities is now ready to leap towards its goal of becoming a top financial investment company in Asia,” Hwang said.
For this, the company will maximize the synergies it creates through its various business operations and build a balanced business portfolio to further sharpen its competitive advantage. In the IB business, the company will consolidate its leadership position by reinforcing its competitive competencies in all sales operations. As for trading, the firm will focus on securing sustainable profitability by placing risk management at the center of all trading operations, while establishing a long-term sustainable growth base by capitalizing on various market opportunities. In asset management, it will further develop its unique equity-type asset management model by focusing on enhancing profitability based on investment products and services. The company will also spare no efforts to strengthen the risk management system and the business infrastructure.
In addition, the company will continue to build up its market competencies to global standards and thus solidify its presence in the global market. The firm will seek to expand and strengthen its global business network by fine-tuning its IB business model, forming strategic ties with foreign companies, and fostering future global leaders.
Woori Investment & Securities is proactively carrying out its social responsibilities in order to share the fruits of a better future with all of its community members.
As a responsible corporate leader, the company is proactively participating in helping youth, needy neighbors, and struggling farmers to better cope with the challenges of industrialization and progress. “We deeply appreciate the trust our clients have put in us and we will continue to earn their trust through reciprocation, we will grow together with our local communities, and become a company that people respect,” President Hwang said.
“Our competitive strengths, innovative corporate culture, and over 40 years of overcoming countless challenges will combine to guide us towards our goal of becoming a leading financial investment company in the global market,” he said.