Daewoo plans UK listing

Daewoo plans UK listing

SEOUL (AFP): South Korea's Daewoo Corp. plans to list its shares on the London Stock Exchange (LSE) at the end of March, a spokesman said yesterday.

The spokesman said Daewoo already started consultations with LSE officials for the listing and received LSE's tentative go- ahead.

"If the listing is officially approved, Daewoo will be the first Korean firm to offer shares in London," he said.

Daewoo plans to float a total of US$70 million worth of depositary receipts on the LSE, with trading scheduled to begin in April.

The Daewoo plan sent its share price up to 11,000 won in midday trading, brokers said.

Daewoo registered $1.18 billion in overall sales including $6.8 billion of exports in 1993.

In October, Pohang Iron and Steel Co. listed its shares on the New York Stock Exchange, marking the first listing of a Korean firm abroad.