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S.Korea's Kyobo Life plans Kyobo Sec stake sale

Fri May 23, 2008 10:00pm EDT

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SEOUL, May 24 (Reuters) - The top shareholder of South Korea's Kyobo Securities (030610.KS) plans to sell its stake in the brokerage firm, Kyobo said after its shares jumped 15 percent on Friday on expectations of consolidation in the sector.

Kyobo Securities, which is 51.6 percent owned by its parent Kyobo Life, said late on Friday that the insurer was considering selling the entire or part the stake after mid-June.

Kybo Life said in March it had been approached by a number of potential bidders interested in the brokerage unit and it could sell the stake if conditions were met.

Shares in Kyobo Securities closed at 17,750 won on Friday, valuing the firm at around 639 billion won ($611.1 million). ($1=1045.5 Won) (Reporting by Miyoung Kim; Editing by Lincoln Feast)



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