SEOUL, July 8 (Yonhap) -- South Korea's bourse operator said Friday it has disapproved its preliminary review for an initial public offering (IPO) bid by Kyobo Life Insurance Co.

The move by the Korea Exchange (KRX) is a blow to Kyobo Life Insurance's push for an IPO.

Kyobo Life Chairman and the largest stakeholder Shin Chang-jae, as well as those with special interests in the company, hold a combined 36.9 percent stake.

In December, Kyobo Life Insurance applied for preliminary approval by the Korea Exchange for its IPO plan and picked NH Investment and Securities Co. as the lead manager for stock listing.

The insurer has said it aims to complete an IPO within the first half of this year to diversify its funding sources in preparation for the introduction of a new accounting rule for insurance products in 2023.

Source: Yonhap News Agency