Hanaro $450 million offering off
Hanaro Telecom Inc., a fixed-line operator, has delayed plans to attract $450 million in foreign investment. “The board of directors meeting was held on Tuesday, and members discussed the foreign investment deal till midnight, but failed to draw a conclusion. The plan will be debated again July 3,” a Hanaro spokesman said yesterday. Hanaro had planned to issue 178.6 million shares with a par value of 5,000 won ($4.20) and then sell them to a consortium led by American Insurance Group Inc. for 3,000 won per share, leading to a foreign capital injection of about $450 million. However, LG group, the largest shareholder of Hanaro Telecom, strongly opposed the deal, claiming the shares would be sold at scrap value.
with the Korea JoongAng Daily
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