KDB"s Stakes in POSCO to be Sold Abroad
The Korea Development Bank(KDB)'s eight-percent stakes in POSCO (Pohang Iron & Steel Co.) will be sold abroad next month.The Ministry of Commerce, Industry and Energy announced Tuesday that it has decided to sell 8 percent of KDB's total 20.8 percent stakes in POSCO by issuing depository receipts (DRs) in July.
Those shares will be on the overseas market through Merrill Lynch, Dongwon Securities Co. and Saloman Smith Barney.
The Ministry has also decided to sell KDB's remaining 12.8 percent stocks in POSCO through the domestic stock market during the second half of this year to continue the privatization of the state-owned company.
Jangsoo Seo:jsbee@joongang.co.kr
with the Korea JoongAng Daily
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