August 4, 2014 / 11:56 PM / 3 years ago

S.Korea's KEPCO sells about $180 mln stake in LG Uplus

SEOUL, Aug 5 (Reuters) - Korea Electric Power Corp (KEPCO) sold a 4.4 percent stake in telecom company LG Uplus Corp worth around 186.3 billion won ($180.36 million), a KEPCO official said on Tuesday.

State-run utility KEPCO sold the stake of about 19.2 million shares in LG Uplus, the No. 3 telecom company in South Korea, for 9,700 won per share after the market closed on Monday, said the official, who declined to be identified.

That represented a discount of 3 percent from Monday’s closing price of 10,000 won.

A spokeswoman for KEPCO was reached but did not have an immediate comment.

In March, KEPCO announced a plan to sell 5.3 trillion won ($4.96 billion) in assets by 2017 to cut debt, including its 8.8 percent stake in LG Uplus.

Citigroup and Woori Investment & Securities are bookrunners for the sale.

$1 = 1032.9500 Korean Won Reporting by Joyce Lee; Editing by Paul Tait

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