Korean government pre-markets last KT&G divestment

A sense of deja vu for the Asian equity markets as the Korean government begins to market a GDR sale almost a year since its last international offering.

Lead managers Goldman Sachs and UBS Warburg will undoubtedly be hoping for the same response as 2001 when investors purchased KTG as a defensive yield play in uncertain and volatile markets following the September 11 attacks.

Pre-marketing of a 52.7 million unit sale will begin tomorrow Wednesday, with formal roadshows scheduled to run from September 26 to October 9, followed by pricing on October 10. With one GDR equaling 0.5 shares, the sale should raise up to $390.8...

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