KEPCO KDN Approves Full Sale of YTN Shares...Majority Shareholder to Change

KEPCO KDN to Sell 21.43% Stake in YTN... Board Approval on 23rd

KEPCO KDN headquarters located in Naju, Jeollanam-do.
[Photo by Asia Economy DB]

[Asia Economy Sejong=Reporter Lee Jun-hyung] KEPCO KDN, the largest shareholder of YTN, will sell all of its YTN shares.

KEPCO KDN announced on the 23rd that it held a board meeting and resolved to sell its 21.43% stake in YTN. KEPCO KDN's sale of YTN shares is a follow-up measure in line with the government's 'public institution slimming' policy.

Previously, KEPCO KDN acquired a 30% stake in YTN in 1997 when YTN was facing management difficulties due to the aftermath of the foreign exchange crisis. Currently, KEPCO KDN holds a 21.43% stake in YTN, making it the largest shareholder.

KEPCO KDN has repeatedly stated its intention to sell all of its YTN shares in accordance with the government's policy, judging that YTN shares are unrelated to its core business.

Meanwhile, the public enterprises holding YTN shares are KEPCO KDN (21.43%) and Korea Racing Authority (9.52%).