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LG Card delays IPO on war concerns

Written: 2001-10-12 00:00:00Updated: 0000-00-00 00:00:00

The growing conflict in Afghanistan has forced South Korea's largest credit card company to indefinitely shelve plans for a public listing in early November.
U.S. equity fund Warburg Pincus which holds 20 percent in L-G Card, requested the delay citing growing jitters in international financial markets following last month's attacks on the United States and subsequent retaliation.
The credit card unit of the L-G Group had planned to list eight million shares for about four hundred billion won. The company wants to become the first to be listed on the Korea Stock Exchange among its competitors.

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