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KOREAN GOVT EYES SELLING OFF KT STOCKS IN FOUR DIFFERENT WAYS.
SEOUL, April 1 Asia Pulse - The government plans to sell off its 28.37 per cent stake or 88.57 million shares, in KT Corp. by adopting four different methods, with the telecom carrier's planned privatization just three months away, government officials said Monday.
The four methods are offering KT stocks to conglomerates under strategic alliances, selling them to individual investors, issuance of exchangeable bonds (EBs) and KT's self-tender.
Lead-managers for the sell-off, including JP Morgan, Samsung and Hyundai securities, are negotiating with government officials to come up with details on the stock offerings in mid-April.
Samsung, SK and LG groups seem to be interested in the sell-off program. In particular, Samsung is expected to participate in the process to jump out of the pack in the nation's information technology (IT) industry, while the two others will likely join the fray to block Samsung's advantage.
"Only one per cent of KT stakes amounts to 200 billion won (US$150 million). That is why it is hard for those ...
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Source: HighBeam Research, KOREAN GOVT EYES SELLING OFF KT STOCKS IN FOUR DIFFERENT WAYS.