Thursday, November 28th, 2013
SEOUL, KOREA - The government has sold off a 4.2-percent stake in the Industrial Bank of Korea out of the 22.3-percent stake that it planned to dispose of. The government will attempt to sell off the remaining share of 18.1 percent after March next year.
The Ministry of Strategy and Finance said on November 27 that it had sold 23.24 million shares (4.2%) of the Industrial Bank of Korea in a block deal after market closing at 265 billion won. The selling price was 11,400 won, a 5-percent discount on the closing price of 12,000 won.
Earlier market watchers had expected the ministry would be able to sell about 2 percent at 150 billion won. It turned out, however, there were more investors than expected and the government officials called the deal a "success."
