LONDON– London’s Financial Times has confirmed that Kumho Tire Co. will make an initial public stock offering, but is planning a dual IPO on stock exchanges in both Seoul and either New York or London.

It had been speculated earlier in the week that Kumho Tire Co. would have a limited stock offering that could raise an estimated $500 million. The new stock plan, according to analysts, would be worth more than $1.5 billion.

Reports say that Kumho has retain JP Morgan to manage the IPOs, which may occur in the first half of 2005. Kumho Asiana Group owns a 30 percent stake in the tiremaker, while the South Korean Military Mutual Aid Association (MMAA) owns a 50 percent share, and the remaining 20 percent stake is owned by a number of private investors. None of the parties involved would comment on the reports.

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