September 26, 2012 / 9:21 AM / 5 years ago

UPDATE 1-SK Telecom to sell $391 million stake in POSCO

SEOUL, Sept 26 (Reuters) - SK Telecom Co Ltd, South Korea's top mobile operator, said on Wednesday that it will sell part of its stake in steelmaker POSCO for 437.3 billion Korean won ($390.66 million), leaving it with a 1.42 percent stake after the sale.

SK Telecom said in a regulatory filing it made the decision to improve its financial structure and secure cash for potential investments. SK Telecom said it plans to sell 1.24 million shares at a discount of up to 5 percent to POSCO's Wednesday closing price of 371,000 won.

Joint bookrunners for the block deal slated on Thursday are Citigroup Inc, Credit Suisse, Morgan Stanley and SK Securities Co Ltd.

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