SK C&C shares surge on stock market debut

(ATTN: UPDATES with share closing price in 2nd para)
SEOUL, Nov. 11 (Yonhap) -- Shares of SK C&C Co., the computer-systems affiliate
of SK Group, rose sharply on Wednesday, the first day of the company's stock
market debut, thanks to optimism over its stable dividend income.
SK C&C shares closed at 35,650 won (US$30.8) on the Seoul main bourse, up 10.54
percent from its initial public offer price of 30,000 won. The key stock index
KOSPI ended 0.79 percent higher.
"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 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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