Powercom moves ahead with Nasdaq listing

Korea Electric Power Corporation''s (Kepco) telecommunications subsidiary PowerCom has selected ING Barings and Good Morning Securities to lead manage a roughly $768m Nasdaq listing.

The consortium beat seven others to win the prestigious mandate to float Kepco's telecommunications and fibre optic cable network PowerCom, which is being progressively sold off under the government-owned utility's restructuring and privatisation programme.

Rivalry to secure the deal, however, has provoked strong responses from some bankers who contend that the two only won because they submitted a fee proposal of 1.9%.

A number of US investment houses were said to have declined to bid for the deal following the issuer's insistence that all banks submit fee proposals below 3% and be prepared to absorb both the underwriters' and issuers' expenses. Some observers further question the...

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