Korea Telecom gears up ADR

Pre-marketing begins on Monday for a roughly $2.5 billion government sell-down in the integrated telecoms provider.
Formal presentations for the Morgan Stanley and UBS Warburg-led deal are scheduled to begin on Monday, June 11, meaning that Korea Telecom KT will embark on international roadshows as Hynix Semiconductor, its immediate predecessor, closes. Pricing will then take place the week beginning June 25.

In a bid to stop the inevitable short selling pressure that will reduce the stock's ADR premium in the run-up to pricing, the government has come up with an unusual measure. In a letter sent to the deal's 14 syndicate banks on Monday, it has requested that each sign a declaration committing themselves to not short sell on their own account around the time of the offering....

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