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Biz News Korea(Eng)
S. Korea mulls to have 5 regional electric utilities go public
- Collected
- 2016.04.23
- Distributed
- 2016.04.26
- Source
- Go Direct
According to the Ministry of Strategy and Finance (MOSF) and Ministry of Trade, Industry and Energy (MOTIE) Friday, the government will propose revision in the public utility act to sell about 30 percent in each of the five regional power suppliers that the state-run Korea Electric Power Corp. (KEPCO) have fully own in public offering.
The proposal was reported to the president and details including the timetable will be finalized by June after discussion with KEPCO, said a senior government official.
Around 30 percent stake in the five companies could amount to 6 trillion won to 12 trillion won ($10.5 billion) considering their asset value and earnings before interest, tax, depreciation and amortization (EBITDA).
Funds raised from the stock market could be used to lower debt ratio in the companies and allow them to invest in new energy resources. The biggest KOSEP will go first with the IPO and the four one after another.
The government considered going public with two major utility firms Korea Hydro & Nuclear Power Co. (KHNP) and Korea National Oil Corp. (KNOC) along with the five power service providers but decided not to for security concerns for the nuclear power operator and poor market conditions for the gas company due to depressed oil prices.
By Cho Si-young, Kim Gyu-sik, Na Hyun-joon
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