LG Electronics sold its remaining 0.8% stake in KT Corp after Korea's close Friday. With Citigroup as lead manager, the group raised $94.4 million from the sale, which closed three times covered after only 40 minutes of launch.
A total of 4.77 million ADS units were sold at $20 compared to a range of $19.714 to $20.116. This represented a 0.58% discount to the group's Won47,550 spot close Friday, or a 1.72% discount to the ADR's close Thursday.
During Friday's trading in Korea, KT climbed 1.82%, but fell during New York trading hours in line with the wider market to close at $19.86.
Observers report a small, concentrated...