SEOUL Oct 8 SK Telecom Co Ltd,
South Korea's top mobile operator, sold half of its 2.85 percent
stake in steelmaker POSCO for 440 billion won
($395.91 million) before the stock market opened on Monday, an
SK Telecom spokeswoman said.
The spokeswoman said SK Telecom sold a 1.43 percent stake in
POSCO, in which billionaire investor Warren Buffett's Berkshire
Hathaway is a shareholder, at 353,100 won per share, a
discount of 3.26 percent to POSCO's Friday closing price.
Foreign investors were the buyers of the stake, the spokeswoman
SK Telecom had announced a block sale of part of its POSCO
stake in late September to improve its financial structure and
secure cash for potential investments, but postponed the sale
citing market conditions.
Morgan Stanley was the bookrunner for Monday's sale.