SK C&C shares surge on stock market debut

SEOUL, Nov. 11 (Yonhap) -- Shares of SK C&C Co., the computer-systems affiliate
of SK Group, rose sharply on Wednesday during the first day of the company's
stock market debut, thanks to optimism over its stable dividend income.
SK C&C traded at 35,450 won (US$30.6) on the Seoul main bourse as of 2:32 p.m.,
up 9.92 percent from its initial public offer price of 30,000 won. The key stock
index KOSPI edged up 0.4 percent.
"The company is expected to book a stable dividend income from firms in which it
holds stakes and is also forecast to benefit from SK Group's growth," said Hir
Min-ho, an analyst at Shinhan Investment Corp.
SK C&C is the biggest shareholder with a 31.8-percent stake in SK Holding Co.,
the holding company for SK Group whose business interests range from
telecommunication to construction.
Chey Tae-won, chairman of the nation's third-largest conglomerate, has a
44.5-percent interest in the computer-systems developer.
SK C&C listed 50 million shares on the Korea Exchange's main bourse after raising
540 billion won through an initial public offering of 18 millions.
The company posted 145.8 billion won in net profit in 2008 with assets totaling
2.9 trillion won at the end of last year.
pbr@yna.co.kr
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