S. Korea to push for sale of bailed-out firms

S. Korea to push for sale of bailed-out firms
SEOUL, Oct. 12 (Yonhap) -- South Korea plans to push for the sale of stakes in
bailed-out companies such as Woori Finance Holdings Co. in consideration of
market conditions, the financial watchdog said Monday.

The global financial turmoil has thwarted the government's attempts to sell a
slew of companies into which it injected huge amounts of public funds in the
aftermath of the 1997-98 Asian financial meltdown.
"South Korea plans to sell financial firms and companies step by step which are
ready to be sold while considering market condition," the Financial Services
Commission (FSC) said in a report to the National Assembly. The FSC added that
the sales of Woori Finance and Ssangyong Engineering & Construction Co. would be
sought first.
Amid signs of an economic recovery, South Korea is seeking to unload its stake in
Woori Finance, which is 73 percent owned by the government.
The state-run Korea Deposit Insurance Corp., the largest shareholder of Woori
Finance, said Friday it is looking at market conditions to sell its 23 percent
stake in South Korea's No.2 financial services company through block trade. It
plans to sell its 7 percent interest within this year.
Meanwhile, the state debt clearer Korea Asset Management Corp. plans to unload
its stake in Ssangyong Engineering & Construction after 2010.
sooyeon@yna.co.kr
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