SK Telecom Co Ltd, South Korea's top mobile operator, said on Wednesday that it will sell part of its stake in steelmaker POSCO for 437.3 billion Korean won ($390.66 million), leaving it with a 1.42 percent stake after the sale.SK Telecom said in a regulatory filing it made the decision to improve its financial structure and secure cash for potential investments. SK Telecom said it plans to sell 1.24 million shares at a discount of up to 5 percent to POSCO's Wednesday closing price of 371,000 won.Joint bookrunners for the block deal slated on Thursday are Citigroup Inc, Credit Suisse, Morgan Stanley and SK Securities Co Ltd.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. Shares of C remained unchanged at $32.86. In the past year, the shares have traded as low as $21.40 and as high as $38.40. On average, 34629900 shares of C exchange hands on a given day and today's volume is recorded at 300.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS remained unchanged at $16.60. In the past year, the shares have traded as low as $11.58 and as high as $21.19. On average, 22696800 shares of MS exchange hands on a given day and today's volume is recorded at 0.
POSCO is a Korea-based company engaged in the manufacture of steel products. Shares of PKX remained unchanged at $82.61. In the past year, the shares have traded as low as $70.47 and as high as $95.27. On average, 192889 shares of PKX exchange hands on a given day and today's volume is recorded at 0.
SK TELECOM CO., LTD. is a Korea-based company mainly engaged in the provision of wireless communication services. Shares of SKM remained unchanged at $14.50. In the past year, the shares have traded as low as $10.85 and as high as $15.99. On average, 1853870 shares of SKM exchange hands on a given day and today's volume is recorded at 0.
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