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S.Korea Kyobo Sec says stake sale plan shelved

Fri Dec 19, 2008 12:24am EST

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SEOUL, Dec 19 (Reuters) - Kyobo Securities (030610.KS), a medium-sized South Korean brokerage, said on Friday its top shareholder Kyobo Life Insurance had decided not to sell a stake in the broker due to worsening financial market conditions.

Kyobo Securities said in May Kyobo Life, which owns 51.6 percent of the brokerage, was considering selling some or all of its stake.

Shares in Kyobo Securities were up 2.2 percent at 8,840 won by 0521 GMT, trimming gains after rising by the daily limit of 15 percent. (Reporting by Rhee So-eui; Editing by Jonathan Hopfner)



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