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Korea Electric Power Corp. (KEPCO) (KSE:015760) will be excluded from the privatization list in the upcoming public sector restructuring plan, but government and company officials are reportedly under consultations for large-scale business reforms.
The Lee Myung-bak government is in the process of enacting a multiphase public sector reform plan aimed at enhancing efficiency and reducing costs.
In August, the government announced sweeping reform plans, under which it will privatize, merge or restructure state-run companies. The third-phase plan is expected to be announced this month.
Seoul said there are 319 state-operated and invested corporations that will be examined, with about 100 to undergo comprehensive restructuring.
KEPCO is South Korea's second-largest conglomerate in terms of assets, standing at 106.4 trillion won (US$96.7 billion) as of April 2007. It has 11 affiliates and employs roughly 50,000 workers.
The company posted a loss of 764 billion won in the April-June period of this year, compared with a profit of 266 billion won a year earlier.
(Yonhap)
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