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Gold/Mining/Energy : KEPCO
KEP 16.55-0.8%11:03 AM EST
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To: Copperfield who started this subject4/10/2003 9:04:23 PM
From: Copperfield   of 16
 
S. Korea's KEPCO set to kick off IPO of power unit

SEOUL, April 10 - South Korean state utility Korea Electric Power Corp (KEPCO) issued a tender on Thursday to select lead managers for the initial public offering of a 10-15 percent stake in its Korea South-East Power Co subsidiary.

The government said on March 28 it would offer as much as 20 percent of the unit to the public by early 2004 after plans to sell a majority stake to a strategic investor fell through.

Korea South-East is one of five thermal power units owned by the power monopoly that the government plans to sell as part of a broader privatisation of South Korea's power sector.

The deal, valued by analysts at up to 900 billion won ($723.4 million), collapsed after four bidders withdrew in what was widely portrayed as a set-back for the government's plans.

KEPCO invited bids to handle the IPO by April 29 and said it would select lead managers in early May.

The government has said it will seek to reopen the sale of a strategic stake of 30-40 percent in Korea South-East, as well as management rights in the utility, after the IPO.

Korea South-East posted 305.9 billion won in net profit last year. It had total assets of 2.9 trillion won at the end of 2002.
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