LG International exits GS Retail through $263 million block trade

The deal attracts strong demand from domestic and international investors and comes after the Korean retail company has rallied nearly 70% since the December 2011 IPO.

LG International has raised W287 billion $263 million from the sale of its remaining 12% stake in GS Retail, a Korean operator of convenience stores and supermarkets.

The block trade came after GS Retail’s share price rose 2% to W32,550 yesterday, which took its year-to-date gain to about 40%. The stock, which listed on the Korea Exchange in late December last year, has climbed 67% from its IPO price of W19,500.

Korea’s Kospi index, which fell 0.7% yesterday, is up 4% so far this year.

Before yesterday’s transaction, Korean conglomerate LG International was the second biggest shareholder in GS Retail after GS Holdings, which...

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