A US investment fund, the Carlisle-J.P. Morgan consortium, plans to acquire a 40.7-percent controlling stake in South Korea's KorAm Bank for $407 million, the bank said Tuesday.
"KorAm and the Carlisle-J.P. Morgan consortium signed an agreement on September 2, under which the consortium would buy up KorAm Bank's new deposit receipts (DRs) worth 455.9 billion won ($407 million)," a spokesman of KorAm bank said.
The Carlisle-J.P. Morgan consortium would emerge as the bank's controlling shareholder. KorAm would issue the DRs on 67.04 million shares at a price of 6,800 won per share.
KorAm Bank has applied for approval from the government Financial Supervisory Commission for its plan to issue DRs to the consortium.
If the deal is completed, KorAm Bank would be the second South Korean bank to shift to foreign control after Korea First Bank. — (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)
