Watt a mandate

Kepco mandates UBS Warburg, JPMorgan and Daewoo Securities to advise on the sale of its power generation companies.

In what is probably the most prestigious mandate to come out of Korea in 2002, JPMorgan, UBS Warburg and Daewoo Securities have been mandated to advise on the sale of Kepco's power generating companies.

Kepco has six generating companies - or gencos - although one of these is a nuclear power company and will not be sold to the private sector. The other five are set to be sold off, and collectively produce 33,000 megawatts. The sale of the five gencos could raise as much as $13 billion, with all five sales due to be completed by 2004. Proceeds will be used by Kepco to pay down debt, a move that has credit...

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