BT exits South Korea via bond issue

18 Nov 2003

BT Group yesterday continued its divestment of non-core assets by selling GBP102 million worth of five-year bonds tied to its stake in South Korean operator LG Telecom (LGT). The bonds, which were sold to a number of institutional investors, can be converted at any time into BT’s 46 million LGT shares. The sale marks the latest step by BT chief executive Ben Verwaayen to exit the Asia-Pacific telecoms sector. In January BT sold its 20% stake in Hong Kong mobile operator SmarTone and it is still looking for buyers for its 12% shareholding in Singapore’s StarHub.

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