Bloomberg News

Posco Seeks $535M Selling Shares in Three Firms

April 03, 2012

Posco (005490), the world’s third-largest steelmaker by output, plans to raise about $535 million selling stakes in three South Korean companies to improve its finances.

Posco will sell about 2.2 million shares in Seoul-based Hana Financial Group Inc. (086790) for 44,050 won to 44,900 won ($40) each, according to terms of the sales obtained by Bloomberg News. It’s also offering about 2.3 million shares in SK Telecom Co. (017670) for 135,400 won to 139,700 won apiece and 3.9 million shares in KB Financial Group Inc. at 41,500 won to 42,300 won each, the terms show.

Posco is seeking to sell some of its holdings in the three companies to bolster its books through the sale of non-steel assets, spokesman Chung Jae Woong said today by telephone, responding to a Bloomberg query about an earlier report by Edaily on the stake sale. He didn’t elaborate.

Irene Kim, a Seoul-based spokeswoman at SK Telecom, confirmed the sale, without giving details.

Shares of Posco fell 0.5 percent to close at 380,500 won in Seoul trading. The Edaily report was published after the stock market closed. SK Telecom ended up 1.4 percent at 142,500 won, while KB dropped 0.5 percent to 42,300 won and Hana was unchanged at 44,900 won.

To contact the reporters on this story: Fox Hu in Hong Kong at fhu7@bloomberg.net; Zijing Wu in London at zwu17@bloomberg.net; Sungwoo Park in Seoul at spark47@bloomberg.net

To contact the editor responsible for this story: Jacqueline Simmons at jackiem@bloomberg.net


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