SEOUL SK Telecom Co Ltd (017670.KS), South Korea's top mobile operator, said on Wednesday that it will sell part of its stake in steelmaker POSCO (005490.KS) for 437.3 billion Korean won ($390.66 million), leaving it with a 1.42 percent stake after the sale.
SK Telecom said in a regulatory filing it made the decision to improve its financial structure and secure cash for potential investments. SK Telecom said it plans to sell 1.24 million shares at a discount of up to 5 percent to POSCO's Wednesday closing price of 371,000 won.
Joint bookrunners for the block deal slated on Thursday are Citigroup Inc (C.N), Credit Suisse CSGNNY.UL, Morgan Stanley (MS.N) and SK Securities Co Ltd (001510.KS).
($1 = 1119.3750 Korean won)
(Reporting by Hyunjoo Jin in SEOUL and Elzio Barreto in HONG KONG; Editing by Matt Driskill)