Incheon's IPO plan delayed to 2011

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Seoul Incheon International Airport's plans for an initial public offering (IPO) will take off in early 2011 at the earliest, instead of late this year as originally expected.

Legislation required to proceed with the sale of a stake in the government-owned airport is still pending approval in South Korea's national assembly, says an airport spokeswoman.

"If the plan passes the assembly this year, we may start the IPO early next year," she adds.

The government plans to sell up to a 49% stake in the airport eventually as it seeks to privatise state-own enterprises. The airport has said it would offer up to a 15% stake through an IPO initially, and could raise the share in the future.

South Korea's government is expected to retain a 51% stake in the airport.