S.Korea's SKC Kolon PI soars on report of top shareholders' stake sale

SKC

12/07/2019 03:07

** Shares of South Korea's SKC Kolon PI  178920.KQ , a joint
venture of SKC  011790.KS  and Kolon Industries  120110.KS ,
jump on a media report that the two firms have decided to sell
their stake in the world's leading polyimide maker 
    ** SKC and Kolon Industries, which own a 27% stake each in
the joint venture, have received letters of intent from some
private equity funds, the Korea Economic Daily reports https://www.hankyung.com/finance/article/2019071190341
  
    ** If the deal is made, they are expected to receive more
than 300 bln won ($254.90 mln) each - Korea Economic Daily 
    ** The three firms are supposed to release regulatory
filings about the media report until 6 pm (0900 GMT), as
requested by http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20190712900064
 the Korea Exchange
    ** Shares of SKC Kolon PI rise as much as 16.2%, while those
in SKC and Kolon Industries add 1.4% and 1.1%, respectively
    ** The broader KOSPI market  .KS11  was trading up 0.4%

($1 = 1,176.9200 won)

 ((hayoung.choi.thomsonreuters.com@reuters.net))