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HANARO TELECOM TO OFFLOAD 39.1PCT STAKE FOR $US500MLN.
SEOUL, Sept 1 Asia Pulse - The board of directors of Hanaro Telecom Inc (KOSDAQ:33630) have voted to turn over 39.1 per cent of the company's share to the AIG-Newbridge consortium for US$500 million.
The cash investment proposal by the consortium will make it the largest shareholder of South Korea's second-largest Internet service carrier.
It will also be able to appoint five of the 11 board of directors. An agreement between Hanaro and the consortium is to be signed around Oct. 6.
The vote was held at an emergency board meeting at the Westin Chosun Hotel, with nine of the 11 participants voting in favor of the offer by AIG-Newbridge and two opposing the motion.
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Source: HighBeam Research, HANARO TELECOM TO OFFLOAD 39.1PCT STAKE FOR $US500MLN.