Grand National For Sale

Controversy rekindled over airport sale: S. Korea

The government's plan to sell a stake in Incheon International Airport Corp. has reignited a years-old controversy as to why the well-performing airport should be handed over to private hands.

The presidential office of Cheong Wa Dae, the ruling Grand National Party and the Finance Ministry have decided to sell a 15 per cent stake in the airport through an initial public offering this year or early next year. The shares will be offered to Korean nationals only at a steep discount, they said.

"The government is positively considering selling a 15 per cent stake through an offering of national shares," an official at the Finance Ministry said. The proceeds from the stake sale will be used to fund expansion of the airport, he said. By offering of national shares, the official meant a process similar to the IPOs of steelmaker POSCO and Korea Electric Power Corp. in the late 1980s, in which some portions of the shares offered were exclusively for ordinary Koreans and were sold over the counter.

The idea was first floated by Rep. Hong Joon-pyo, chairman of the GNP. He proposed in a radio speech earlier in the week that 49 per cent of airport shares should be offered to people in low-income brackets at a 20 to 30 per cent discount.

Opposition parties and civic groups rapped the stake sale plan, calling it a populist move ahead of elections next year.

Arguing that Incheon airport should never be privatized, they suspect hidden motives behind the government's persistent attempt at selling the airport shares.

The government, in 2008, had announced a plan to sell a 49-per cent stake in the firm, as part of the government's drive to overhaul the public sector through partial or full privatizations of state-run companies.

Under the plan, a 15 per cent stake was supposed to be handed over to a foreign airport operator, as part of a strategic tie-up which the government said would help grow Incheon into an international air hub.

The plan for partial privatization has since stalled in the face of negative public sentiment.

Critics said that a private airport operator, exploiting its monopolistic market position, would raise airport fees to maximize profits.

Some went a step further to suspect that President Lee Myung-bak was intent on selling the airport to a specific foreign investor ? Macquarie of Australia.

The unlisted Incheon International Airport has total assets of 7.8 trillion won. Last year, it reported revenues of 1.

1987 Buick Grand National | Luxury Trend

1987 Buick Grand National, 3.8L V6 Turbo Charged, Automatic, energy steering, energy front brakes, A/C, energy windows, energy seat, energy locks, lean as well as cruise, stereo cassette, buckets as well as console. This Black Beauty is certain to spin heads during any cruise-in or automobile show! A collectible automobile which outperforms most Muscle Cars whilst during the same time offers joy as well as most options. The interior is accomplished in it’s normal two-tone gray as well as black. Factory mags lift Goodyear American Eagles, the front air dam, as well as back decklid spoiler finish this Buick’s good looks! Buick Enthusiasts…Take the prolonged demeanour during this low mileage Collectible. It’s the good pushing as well as behaving car certain to yield large hours of delight to it’s latest owner.

Country life

Billboard

American Motorcyclist

Duroc news

Outing