Korean block trades raise $582 million

KDIC sells its remaining stake in Kepco on the back of a surge in the share price to raise $260 million, while another government entity sells $322 million worth of shares in Daewoo Shipbuilding.
As the country's largest power producer, Kepco is expected to be a key beneficiary of the latest increase in Korean electricity prices.
As the country's largest power producer, Kepco is expected to be a key beneficiary of the latest increase in Korean electricity prices.

A strong day in the Korean stock market on Tuesday prompted two government-linked entities to sell shares in a couple of large Korean bluechips after the close, raising a combined $582 million.

The Financial Services Commission FSC offloaded a 5% stake in Daewoo Shipbuilding and Marine Engineering, raising W342.2 billion $322 million, and Korea Deposit Insurance Corp KDIC pocketed W277.4 billion $260 million from the sale of its remaining shares in Korea Electric Power Corp Kepco through a tightly priced block trade.

Both deals attracted good demand, but the interest in the Kepco offering was particularly impressive since the share price finished Tuesday’s session 6.9% higher....

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