Dunamu disclosed plans to pursue an initial public offering of Naver Financial and a way for Naver to maintain control.

A corrected filing by Dunamu on April 15 said Naver, Dunamu and related parties signed a shareholder agreement on the date of the share-swap contract.

The corrected filing added an IPO timetable and a control-maintenance structure to the section on plans for future corporate restructuring in the earlier “decision on share swap and transfer” filing submitted on Nov. 26 last year. It detailed what had previously been described only as a review of restructuring options.

Under the shareholder agreement, the parties agreed to make best efforts to list Naver Financial on a securities market after completion of the share swap. They also agreed to form an IPO committee within 1 year after the share swap is completed. If a listing is not completed within 5 years from the completion date, the period can be extended by up to 2 years.

The corrected filing also specified a structure for Naver to maintain control. Through the shareholder agreement, Naver will secure voting rights in Naver Financial and plans to keep it as a consolidated subsidiary, as it is now.

The shareholder agreement takes effect from the day the share swap is completed after government approvals and licensing procedures required under relevant laws are finished. Specific execution plans, including whether to pursue an IPO and its timing and method, have not been decided at this stage and will be determined later through board resolutions and other steps.