Bourse operator OKs listing of KAI, Shinsegae International

SEOUL, May 26 (Yonhap) -- South Korea's bourse operator said Thursday it gave preliminary approval to Korea Aerospace Industries Ltd. (KAI) and Shinsegae International Co. to list their shares on the country's main stock market.
The Korea Exchange (KRX) said in an e-mailed statement that KAI's initial public offering (IPO) schedule and price have yet to be determined. It generally takes one to two months for a company to go public after obtaining preliminary approval.
KAI is an aircraft maker whose major shareholders include Korea Finance Corp., which has a 30.1 percent stake. Other major shareholders include Hyundai Motor Co. with a 20.7 percent interest.
The company recently clinched a US$400 million deal to export 16 T-50 trainer jets to Indonesia.
In 2010, the aircraft manufacturer posted a net profit of 78.8 billion won ($72 million) on revenue of 1.26 trillion won.
Shinsegae International, a wholesale apparel seller, plans to conduct an IPO next month, with the IPO price set at a 50,000-55,000 won band, the KRX said in the statement.
An affiliate of retail giant Shinsegae Co., Shinsegae International chalked up a net profit of 38.1 billion won on sales of 583.2 billion won.
mil@yna.co.kr