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Privatisation plans in Korea

Korea Electric Power (Kepco) is one of several state enterprises expected to undergo privatisation in Korea, the Korean government announced in July.

In its announcement, the government said that five companies would be privatised immediately. They are: Pohang Iron & Steel; Korea Heavy Industries & Construction; Korea Technology Banking; and National Textbook Company.

A second group of companies, due to be privatised by 2002 were: Korea Electric Power; Korea District Heating; Korea Gas; Daihan Oil Pipeline; and Korea Tobacco & Ginseng.

The plan, announced by the Planning and Budget Commis-sion (PBC), is intended to attract foreign capital to help extract Korea from its current financial crisis.

Money raised will be used to finance reform in the government-led financial sector. PBC chairman Jin Nyun said that $6.8B is expected to flow into Korea from the sell off in the next 18 months.

Hanjung, one of the first enterprises to be sold, was incorporated in 1962 and manufactures power generating and industrial equipment.