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S.Korea cancels planned block sale of IBK shares
July 18, 2014 / 1:36 AM / 3 years ago

S.Korea cancels planned block sale of IBK shares

SEOUL, July 18 (Reuters) - South Korea called off the planned sale of a stake in Industrial Bank of Korea (IBK) , a finance ministry official told Reuters on Friday, without giving details.

The government had put up for sale a part of its 60 percent stake in the bank at a discount of about 5 percent from its Thursday closing price, a source had told Reuters. Such a deal had been expected to raise up to 300 billion won ($290 million), according to a media report.

Asian shares sagged in early trading following news that a Malaysian airline jet was downed at the Ukraine-Russia border on Thursday. ($1 = 1032.8000 Korean Won) (Reporting by Christine Kim and Joyce Lee; Editing by Ryan Woo)

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