Korea’s SK Telecom to divest $277m worth of Kakao stocks

SK Telecom, a telecommunications provider in South Korea, has priced on April 25 its intended sales of 2.44% of Kakao’s stock holding at KRW36,530 $25.6 per share, a 7.4% discount to close price of KRW39,450 per share on April 24.

This brings the final offering size of the over 10 million Kakao shares held by SK Telecom to $277 million. This is a Reg S 144A secondary market transaction. 

Sources familiar with the matter told FinanceAsia that the sale was multiple times oversubscribed without disclosing more detail. 

Kakao’s stocks plunged in price from KRW39,500 per share to KRW...