SEOUL, Dec. 8 (Korea Bizwire) – South Korea said Thursday that it will gradually complete initial public offerings (IPOs) for eight public energy companies by 2020 to help improve their financial status.
The eight firms are Korea South-East Power Co., Korea Southern Power Co., Korea East-West Power Co., Korea Western Power Co., Korea Midland Power Co., Korea Hydro & Nuclear Power Co., KEPCO KDN Co. and Korea Gas Technology Corp.
The Ministry of Strategy and Finance said it will announce detailed IPO plans for the eight firms next month.
The ministry said Korea South-East Power Co. and Korea East-West Power Co. will be listed on South Korea’s main KOSPI market next year in the first batch of IPOs.
The two firms will select their lead managers for the IPOs in January, though it remains unclear which one will be listed in the first half of next year and which will be listed in the second half.
Of the eight companies, South Korea’s state-run utility firm Korea Electric Power Corp. owns 100 percent of seven firms, except for Korea Gas Technology Corp., which is owned by Korea Gas Corp.