Gov"t to List Korea Telecom Shares on Stock Market

The government announced it will list Korea Telecom (KT) on the Korean stock market on December 23 or 24.
The government will also issue DR (Depository Receipts) of KT by the end of the first quarter in 1999 in overseas markets.
It will sell 15 percent of its equities to foreign investors by the latter half of 1999.
As an effort to restructure KT, the government will trim 15,000 employees by the year 2000.
The government decided on its restructuring plans for the telecom company on December 14.
Earlier, the government had announced it planned on issuing DRs within this year but as foreign investors were seeking KT's DRs at a far lower price (below 20,000 won) than the government desired, it decided to postpone issuing DRs.
At the present moment KT's shares are being traded near the 29,000 won level in the OTC (over the counter) market.
As of now, the government owns 71.2 percent of KT's equities, its employees own 4.93 percent, the National Pension Fund has a 7.4 percent stake and general stock holders possess the remaining 16.47 percent.