Korean deals reopen the Asian market for blocks

The CJ group sells $300 million of stock in Samsung Life and a charitable foundation raises $230 million by divesting part of its holdings in Hyundai Glovis.

It took just over a week of more upbeat markets, but finally a couple of blocks emerged in Asia the first in almost six weeks. Both trades were in Korean companies and raised a combined $530 million.

The CJ group pocketed W342 billion $300 million by selling down its stake in Samsung Life through two separate entities and a Korean charity foundation raised W264 billion $230 million from a fixed-price sale of shares in logistics and transportation company Hyundai Glovis.

The fact that both target companies were Korean was probably just a coincidence and bankers say they expect blocks in other countries too if markets continue to...

¬ Haymarket Media Limited. All rights reserved.

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