Korea Telecom Raises $2.24 Billion in ADRs

SEOUL, July 2 -- Korea Telecom has sold a 17.8 percent government stake to overseas investors via $2.24 billion in American Depositary Receipts (ADRs). The issue, the biggest Asian ADR this year, will add to Korea Telecom's ADRs and is part of Seoul's plan to privatize the company by mid-2002. Each ADR is equivalent to half a share. The ADR offering, amounting to 55.5 million common shares, has reduced the government's stake in Korea Telecom to 40.1 percent from 57.9 percent.