Korea pre-markets KT&G GDR

International offerings from Korea resume with the launch of a roughly $350 million GDR for Korea Tobacco & Ginseng (KT&G).

Under the lead management of global co-ordinators Goldman Sachs and UBS Warburg, with Dongwon and Hyundai Securities as joint-bookrunners, pre-marketing began on Monday for the final piece in the government's privatization of its tobacco monopoly KTG. Formal roadshows are scheduled to start around July 1. Ironically this is the date when Korea lifts all price controls on the domestic production of cigarettes and international giants such as British American Tobacco BAT will begin to step up efforts to eat into KTG's market share.

Pricing of an offering representing 14% of the company's issued share capital will take place on either July 11 or 12, with Deutsche Bank, ING Barings, LG and Samsung Securities...

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