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29 September 2003 - Plans for the privatization of Korea's state-owned Korea Electric Power Corporation (Kepco) were outlined by a company official today who said the first of six power generation units would be sold to the private sector by early 2004.
Speaking at a power conference in the country, Park Hee-Gab, senior vice president of the planning and restructuring division at Kepco, said Kepco plans to sell shares in five of the six power generation units through a combination of direct sales to investors and domestic initial offerings. Foreign investors will be limited to holding no more than 30 per cent of the total power generation capacity in South Korea.
Park said that Kosepco, one of Kepco's six power generation units, will be privatized by early 2004 and four other units will be privatized later. Kepco will list a 10 per cent-15 per cent stake in Kosepco in the domestic initial public offering after a 100 per cent bonus issue. The IPO is planned for 2004.
Park said the power retail market would be gradually deregulated from 2005 and fully liberalized by 2010. Kepco has no plans to privatize its nuclear and hydropower generation units.
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