KCC block trade

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 top end of the range was equal to yesterday’s closing price and hence represented no discount at all. The deal was placed with a select group of investors, which is reflected in the very tight...

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