Korea Electric Power Corp (Kepco) launched a selldown of its 4.4 per cent stake in LG Uplus, South Korea’s third largest operator, said Reuters.
Kepco is offloading its remaining stake worth about $190 million, according to a term sheet of the deal. The power giant was the second largest shareholder in LG Uplus at the end of 2013.
In March this year, Kepco announced a plan to offload its 8.8 per cent stake in LG Uplus, half of which it sold in a similar selldown in August.
At the time, it sold 19.2 million shares and raised $180 million. Now it is reportedly offering its remaining 4.4 per cent stake.
According to GSMA Intelligence, in Q3 2014 LG Uplus had around 11.1 million mobile connections, behind SK Telecom, which had 28 million connections, and KT, which came in second place with 17.7 million connections.