Mixed reception for Korean blocks

An undisclosed shareholder raises $352 million from the sale of its entire stake in Kumho Petrochemical a day after Kepco is forced to cut the size of its sell-down in Kepco E&C to just $87 million.

An undisclosed seller last night raised W409.64 billion $352 million from a placement of shares in Kumho Petrochemical, a Korean producer of synthetic rubbers, resins and specialty chemicals, taking advantage of the modest rebound in Asian stock markets during the past couple of sessions.

The clean-up trade was well received with good demand from both international and domestic investors, but in an acknowledgement of the challenging market environment and in order not to cut off the more price sensitive orders, the price was fixed at the bottom of the range for a 7% discount to yesterday’s closing price.

The response contrasted sharply with a block in Korea’s...

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