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LG Powercom eyeing December for planned IPO

4 Sep 2008

Broadband provider LG Powercom, a subsidiary of LG Dacom, has announced that it will file for an initial public offering (IPO) to list its shares on the South Korea bourse by December, according to Reuters. ‘We will have to monitor market conditions but if everything proceeds without delay, trading can start in late December,’ a spokesman for LG Powercom said. The broadband operator also revealed that it had picked Woori Investment & Securities to handle the IPO; it is expected that the company will seek preliminary listing approval from the Korea Exchange this week. Currently, fixed line operator LG Dacom owns 45.43% of LG Powercom, while Korea Electric Power Corp (KEPCO) holds 43.13% and SK Telecom 5%. Powercom, set up as KEPCO’s telecom network business, was spun off in 2000 and privatised, with LG Group taking control in 2003. It competes with KT Corp in the saturated local broadband market and also offers internet telephony and IPTV services.

South Korea, LG Powercom

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