Goverment postpones Cho Hung GDR

And evaluates its options for privatizing the bank.

The Korea Deposit Insurance Corporation KDIC is expected to decide within the next few days how to proceed with sale of its 80.05% stake in the bank following the postponement of a $500 million GDR.

Similar to a prospective dollar bond for Kepco, the GDR has fallen foul of the Korean government's concerns about the increasing strength of the Won, which has risen 8.7% against the dollar since April. The decision to hold the deal back came right as roadshows were scheduled to begin under the lead of Credit Suisse First Boston, UBS Warburg, LG and Samsung Securities.

It now seems likely that the government will decide to sell a stake to domestic...

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