TOKYO (03/22/2000) - Korean investors soon will finally be able to get their hands on one of the country's hottest Internet stocks.
Seoul-based Korea Thrunet Co. Ltd. said late Tuesday it plans to apply for a listing on the Korea Securities Dealers Automated Quotation, or Kosdaq, market.
The company made history last year when it became the first Korean company to conduct an IPO (initial public offering) on the Nasdaq market in New York ahead of a local listing.
Following that move, Korea's securities restrictions prevented it from going for a local listing, but those hurdles have been overcome, the company said.
The main Korea Stock Exchange had been courting Thrunet since February, but the company was holding out for approval for a Kosdaq listing because the market is more similar to the Nasdaq.
Having received confirmation from Kosdaq that a rule change will allow it to list locally, Thrunet said it plans to file an application before a shareholders' meeting planned for Friday.
Korea Thrunet is a leading supplier of data communications services and cable Internet in Korea. The company initially offered long-distance data transmission services over a backbone leased entirely from Korea Electric Power Co. Ltd. (Kepco) but recently has been putting a greater emphasis on cable Internet. Through Kepco's affiliated cable TV networks, the company started providing service and has recently expanded through acquisitions of some of those networks.
Thrunet recently announced its cable Internet service has passed the 200,000 paying subscriber mark. [See "Korea Thrunet Passes 200,000 Subscribers," Mar.
Korea Thrunet, in Seoul, can be found online at http://www.korea.com/.