KCC's honorary chairman sells $137 million stake

As stock markets show signs of stabilising, at least for now, Sang Young Chung sells a 5% stake in Korean company KCC.

Sang Young Chung, honorary chairman and father of the current chairman of Korean construction materials manufacturer KCC Corp, yesterday sold a 5% stake in the company, raising W158.3 billion $137 million.

Chung sold 526,000 shares at W301,000 each, which represented a 1% discount versus yesterday’s close of W304,000, a source said.

The price was fixed at the bottom of the indicative range, which ran from W301,000 to W304,000 per share. The...

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