South Korea’s SK Telecom sells 2.85 % stake in Posco for $396 mn
08 Oct 2012
SK Telecom Co, South Korea's largest mobile operator, today sold half of its stake in steelmaker Posco for 440 billion won ($396 million).
In September, SK Telecom had said that it would sell part of its 2.85 per cent stake in South Korea's largest steelmaker in order improve its balance sheet and for potential investments, but had delayed the sale due to poor market conditions.
"We decided to delay the sale of the stake as global market conditions have deteriorated," SK Telecom had then said in a filing to the Korea Stock Exchange.
SK Telecom sold 1.43 per cent stake for 353,100 won per share, a discount of 3.26 per cent to Posco's closing price on 5 October, a spokeswoman at SK Telecom told Dow Jones Newswires.
Citigroup, Credit Suisse, Morgan Stanley and SK Securities handled the share sale and the buyers were overseas investors.
SK Telecom still owns 1.42 per cent stake in Posco after the sale.
The sale comes a few weeks after SK Telecom agreed to buy a 49 per cent stake in China's medical diagnosis equipment maker X'ian Tianlong Science and Technology Co. in order to diversify its business portfolio.
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