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S.Korea sells up to $292 mln IBK shares-media
July 17, 2014 / 11:48 PM / 3 years ago

S.Korea sells up to $292 mln IBK shares-media

SEOUL, July 18 (Reuters) - The South Korean government has put up for sale part of its 60 percent stake in Industrial Bank of Korea (IBK) at a discount of about 5 percent from Thursday’s closing price, a source with knowledge of the matter said.

The finance ministry is offering around 2.31 million shares, or a 4.2 percent stake in the bank, at 12,968 won each, and is expected to raise as much as 300 billion won ($291.56 million), Korea Economic Daily reported on Friday.

Before the block sale, the finance ministry owned a 60 percent stake or about 331.7 million shares.

The source declined to be identified as details of the block deal is confidential. Relevant officials at the financial ministry could not be immediately reached.

Bank of America Merrill Lynch, JP Morgan, Korea Investment & Securities and Samsung Securities are joint bookrunners. ($1 = 1028.9500 Korean Won) (Reporting by Joyce Lee; Editing by Stephen Coates)

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