South Korea's largest wireless mobile carrier by sales SK Telecom said that it sold a 1.42% stake in steelmaker POSCO in block trades before the market open, as part of efforts to secure capital for future investments.

A spokeswoman at SK Telecom said that the stake was sold at KRW 353,100 apiece, representing a 3.26% discount rate to closing price and bringing in some KRW 440 billion for the mobile carrier.

After the sale, SK Telecom still has a 1.42% stake in POSCO.

The spokeswoman said that "We signed the contract with share buyers on October 6th 2012 and traded before the market open."

In late September 2012, SK Telecom said in a public disclosure that it postponed its plan to dispose of part of its POSCO holdings to improve its finances and secure capital for future investment. It then said the sale will take place before December 27th 2012 at a discount of 5% or less.

Source - Wall Street Journal

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