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To: Norrin Radd who wrote (4291)	11/29/1998 10:16:00 PM
From: DJBEINO	Read Replies (1) \| Respond to of 9582

SIX FOREIGN FIRMS TO BUY STAKES IN S KOREAN SILICON VALLEY SEOUL, Nov 30, 1998 -- Six foreign companies, including Intel Corp., will reportedly subscribe to new shares offered by South Korea's Media Valley Co. in a public offering slated Monday and Tuesday, according to industry sources Monday. Media Valley plans to offer 20 billion won (US$16 million) in new shares to domestic and foreign investors following the increase in September of its capital to 10 billion won. The company is implementing a project to build a multimedia industry complex in Songdo, west of Seoul, in a bid to make the complex, known as Media Valley, a Korean version of Silicon Valley. An industrial source says that Intel plans to subscribe to shares worth 900 million won, the upper ceiling for subscription, while five others, including Sun Microsystems, will also participate. This marks the first time that foreign firms have participated in a domestic IPO, officals at Media Valley said. Intel has plans to invest an aggregate US$200 million into the complex where it wants to establish a research center aimed at supporting its operations in Asian markets, according to the source. He also said that the foreign information industry leaders' keen interest in the project will brighten the company's prospects for the successful construction of the industrial zone and in attracting more foreign capital.