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Gold/Mining/Energy : KEPCO

KEP 15.96

+5.9%

Nov 3 3:59 PM EST

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To: Copperfield who started this subject	5/12/2003 8:01:16 PM
From: Copperfield	of 16

S Korea's Kepco To Offer 10% Stake In Powercomm SEOUL - State-run Korea Electric Power Corp. plans to offer about a 10% stake in its affiliate Powercomm to foreign investors around late June or early July via issuing bonds, which can be exchanged into stocks at a later date, according to a source at the electricity company Tuesday. "We will sell the stake via a type of exchangeable bonds on the assumption that we will pursue an IPO of Powercomm in three years," said the source on the privatization team at Kepco. The timing of the issue, meanwhile, may be adjusted given market conditions, but Kepco has mandated ING Barings and Goodmorning Shinhan Securities as joint lead managers for the deal. "We are discussing the terms of the deal with our lead managers," the source said. The company may consider offering a put option to sweeten the deal, he said. Kepco now owns 44% of Powercomm following the sale of a 45.5% stake to a consortium led by Dacom Corp. last December.

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