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Hanaro to take pre-subscription for IMT-2000 consortium shares
Posted: 01-May-2000 [Source: The Korea Herald]

[The Korea IMT-2000 consortium hopes to open spectrum bidding to 500,000 individuals through a subscription program.]

"The public will be given the opportunity to participate as shareholders in Korea IMT-2000, a Hanaro Telecom Inc. (HTI)-led consortium formed to bid for an IMT-2000 license.

"HTI President Shin Yoon-shik disclosed yesterday that the consortium of telecom and communication companies, which has yet to be officially incorporated, would take pre-subscriptions from 500,000 people for Korea IMT-2000 shares sometime this or next month. "The subscription fees will be payable when Korea IMT-2000 wins an IMT-2000 license and becomes formally incorporated," Shin said during a meeting with reporters.

"The issue of shares, which will be set at 5,000 won per issue, will raise 250 billion won. Each shareholder will be limited to 10 shares should there be more than 500,000 subscribers.

"Shin also said that the consortium is open to having more small-and medium-sized businesses join the bid for an IMT-2000 license.

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