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[Alpha Biz=(Chicago) Reporter Kim Jisun] KEPCO KDN and the Korea Racing Authority issued a preliminary announcement on the 7th for the joint sale of YTN shares.
The 13 million common shares held by KEPCO KDN and the Korea Racing Authority account for 30.95% of the total issued shares. Currently, the largest shareholder of YTN is KEPCO KDN with a 21.43% stake. The plan is to 'sell' the amount added by the 9.52% stake in the Korea Racing Authority at once.
In addition to the two, Korea Ginseng Corporation (19.95%), Mirae Asset Life Insurance (11.72%), and Woori Bank (7.40%) are major shareholders of YTN, but if the sale is successful, the new owner will secure more than a 30% stake, allowing them to manage YTN in a stable manner.
The bidding will begin next month. After receiving applications for participation in the bidding from the acquisition candidates by mid- to late next month, the sale side decided to select eligible bidders. The main bid will take place at the end of next month. Potential buyers interested in bidding will be provided with a summary investment manual.
The seller decided to select the highest price as the winning bidder. If the price is the same, it will be drawn. The specific progress schedule will be announced during the main announcement to be held later this month. After winning the bid, the signing of the contract and the approval process of the Korea Communications Commission are expected to take two to three months.
The acquisition price alone amounts to about 133.2 billion won. The market capitalization rose to KRW 430.5 billion as YTN shares surged 14.14% on-day. Considering the management premium, the acquisition price is likely to jump further.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
