Seoul trims stake in Industrial Bank of Korea

The long-awaited deal raises $250 million after being upsized by 77%. Separately, a former director of CIMC Enric pockets $121 million from the sale of his remaining shares in the company.

The Korean ministry of strategy and finance has reduced its stake in Industrial Bank of Korea IBK through a block trade, raising W264.94 billion $250 million.

The deal, which was launched and completed after the market closed on Tuesday, came just a week after two other government entities offloaded shares in Korea Electric Power Corp Kepco and Daewoo Shipbuilding and Marine Engineering, suggesting a slight acceleration of the government’s privatisation efforts before the year end.

The shares were offered at a fixed 5% discount to the latest close, which is pretty wide for a Korean block trade especially considering that IBK is a bluechip policy...

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