Akin Gump Assists Underwriters in $2.49 Billion Offering by Korea Telecom Corp.

(New York, NY) - In the largest non-Japanese, Asian offering of American Depositary Shares (ADSs) to date, Korea Telecom Corp., the leading provider of telecommunications services in Korea, raised $2.49 billion in a May 29, 1999, global offering.

The government of the Republic of Korea was a selling stockholder in the global offering and has retained 59% of the common stock of Korea Telecom. The ADSs have been listed on the New York Stock Exchange and the London Stock Exchange. The shares of common stock underlying the ADSs offered in the global offering represented approximately 14% of Korea Telecom’s outstanding shares of common stock.

Akin, Gump, Strauss, Hauer & Feld, L.L.P. represented Morgan Stanley Dean Witter, global coordinator of the syndicate of underwriters, in this transaction. 

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