SEOUL (Reuters) - SK Telecom Co Ltd (017670.KS), South Korea's top mobile operator, said on Wednesday that it will sell part of its stake in steelmaker POSCO (005490.KS) 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.
($1 = 1119.3750 Korean won)
Reporting by Hyunjoo Jin in SEOUL and Elzio Barreto in HONG KONG; Editing by Matt Driskill