Samsung sells airport road

The top Korean chaebol has sold control of the Incheon Expressway for $314 million.

A consortium headed by Samsung Corp has sold its controlling stake in the Incheon Expressway, in a deal valued at W371 billion $314 million. The move allows Korea's top chaebol to unlock capital from the investment. It completed the construction of the 40km airport road in 2001 as part of the government's policy to bring private finance into the Korean roadbuilding programme.

The stake has been sold to a consortium led by the Korean Teachers Credit Union, which previously held 9% of the road. The consortium is buying 81.5% from Samsung Corp, and the Korean Teachers will hold 44% of that.

It is thought the second biggest member of the...

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