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State-run Korea Electric Power Corp., or Kepco, said Wednesday it would begin accepting letters of intent today for a stake in Korea South-East Power Co. The stake sale is part of the government's effort to privatize the utilities sector. Kepco, South Korea's main electricity provider, is eyeing both domestic and foreign investors in a 34% to 51% stake in KSEP, unit, one of six power units it operates. The deadline for the offers is 3 p.m. Nov. 8. The preferred bidder will likely be selected by mid-January and Kepco expects to close the sale in the first quarter 2003, Chul Ho Lee, assistant manager of the privatization team said. Advising Kepco are Daewoo Securities, J.P. Morgan Chase & Co. and UBS Warburg LLC. Lee said two companies had so far expressed interest, South Korean conglomerate SK Group and the Belgian power company, Tractebel. Kepco said in July that it would sell KSEP. --Roger du Mars www.TheDeal.com