The National Pension Service (NPS) of South Korea increased its stake in six local firms to over 10% as the government loosened its disclosure requirements for the fund. South Korea's National Pension Service is the largest investor in Korea.
The government allowed the state pension fund to disclose transactions that go above the 10% threshold once every quarter. Before the new rules that took effect on August 29, NPS was required to disclose deals that went over 10% within five days.
NPS increased its holdings in Samsung C&T Corp, Mando Corp, LS Corp, SKC Co, IsuPetasys Co. and Hansol CSN, regulatory filings revealed. Shinhan BNP Paribas Asset Management Co Money Manager Im Jeong Jae said the firms were chosen to be part of the state pension fund's buying list because they posted solid earnings outlooks and had attractive valuations. "This is not the end of the list as the agency will continue to buy above the 10 percent threshold as it is given more freedom," Jae added.
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