KT&G postponed until September

One day before a roughly $370 million GDR was originally due to price, the Korean government formally confirmed that it is has delayed the final tranche of its privatization of Korea Tobacco & Ginseng (KT&G). The market had been expecting the news for over a week after the four leads - Goldman Sachs, UBS Warburg, Dongwon and Hyundai Securities - failed to begin roadshows on July 1 as originally scheduled.