[Intl-tobacco] Korea: Tobacco monopoly to sell 20% gov't stake

[Robert Weissman]

Tobacco monopoly to sell 20% gov't stake
Source: Korea Herald, Saturday, 7/7/01

A 20-percent stake in Korea Tobacco & Ginseng Corp. is expected to be sold
to foreign investors in the form of depositary receipts in September this
year, Hyundai Investment Trust & Securities Co. predicted yesterday.

After the DR issue, the government is expected to conduct open bidding for
its remaining stake in the tobacco monopoly, the brokerage house said.

The government has a direct stake of 14 percent in KTGC, while three state
banks - Industrial Bank of Korea, Korea Development Bank and Export-Import
Bank of Korea - hold a 39-percent stake.

The brokerage also expected the government to lift a 5-percent ceiling on
the amount of a company's shares that a foreign investor can buy in the
stock market, after the DR issue.