S. Korean gov’t kicks off privatization of 24-hr news channel YTN

[Source : YTN]

The South Korean government has launched the first step to sell its stake in YTN, a 24-hour news channel in Korea, vowing fair and transparent process in finding a new owner.

According to multiple sources from the investment bank industry on Wednesday, KEPCO KDN Co, an electric power grid IT service provider under Korea Electric Power Corp. (KEPCO) and the largest shareholder of YTN, has sent requests for proposals (RFPs) to major brokerages and accounting firms to select main advisor for the sale of its entire 21.43 percent stake in YTN.

KEPCO KDN plans to receive bids from Feb. 6 to 16. The company has asked potential bidders to present two measures that would help optimize profit through the sale of YTN.

KEPCO KDN is aiming to complete the stake sale by the end of September.

The launch of the sale comes after the Ministry of Economy and Finance approved KEPCO KDN and Korea Racing Authority (KRA) to sell their stakes in YTN, each 21.43 percent and 9.52 percent, as part of a move to improve asset efficiency at public institutions.

Market insiders noted that once a sales advisor for the sale of KEPCO KDN shares in YTN is selected, KRA would also join the sale.