(South Korea) – Dacom Corp, the country’s second biggest fixed line telco carrier, has raised 208 billion won (US$171.8 million) through rights issues as a means of reducing debt and financing its bid for a slice of Powercomm.Dacom’s debt-to-equity ratio will decline to 153% at the end of this year from 236% as at 31 December 2001 as a result of the rights issue.
Dacom is placing a joint bid with foreign investors for Powercomm Inc, the cable network unit of Korea Electric Power Corp, as a means of strengthening its positioning in the data market.