SCHEDULE 13D
Amendment No. 1
Korea Electric Power Corporation
American Depository Receipt
Cusip # 500631106
Filing Fee: No
Cusip # 500631106
Item 1: Reporting Person - FMR Corp. - (Tax ID: 04-2507163)
Item 4: PF
Item 6: Commonwealth of Massachusetts
Item 7: 24,900
Item 8: None
Item 9: 806,500
Item 10: None
Item 11: 1,438,648
Item 13: 4.98%
Item 14: HC
PREAMBLE
The filing of this Schedule 13D is not, and should not be
deemed to be, an admission that such Schedule 13D is required to
be filed. See the discussion under Item 2.
Item 1. Security and Issuer.
This statement relates to shares of the American Depository
Receipt, $0.00 par value (the "ADRs") of Korea Electric Power
Corporation, a South Korea corporation (the "Company"). The
principal executive offices of the Company are located at 167,
Samsung-dong, Kangnam-gu, Seoul, Korea.
Item 2. Identity and Background.
This statement is being filed by FMR Corp., a Massachusetts
Corporation ("FMR"). A separate Schedule 13D is being filed by
Fidelity International Limited, a Bermuda joint stock company
incorporated for an unlimited duration by private act of the
Bermuda legislature ("FIL"). FMR is a holding company one of
whose principal assets is the capital stock of a wholly-owned
subsidiary, Fidelity Management & Research Company ("Fidelity"),
which is also a Massachusetts corporation. Fidelity is an
investment advisor which is registered under Section 203 of the
Investment Advisors Act of 1940 and which provides investment
advisory services to more than 30 investment companies which are
registered under Section 8 of the Investment Company Act of 1940
and serves as investment advisor to certain other funds which are
generally offered to limited groups of investors (the "Fidelity
Funds"). Fidelity Management Trust Company ("FMTC"), a wholly-
owned subsidiary of FMR Corp. and a bank as defined in Section
3(a)(6) of the Securities Exchange Act of 1934, serves as trustee
or managing agent for various private investment accounts,
primarily employee benefit plans and serves as investment adviser
to certain other funds which are generally offered to limited
groups of investors (the "Accounts"). Various directly or
indirectly held subsidiaries of FMR are also engaged in
investment management, venture capital asset management,
securities brokerage, transfer and shareholder servicing and real
estate development. The principal offices of FMR, Fidelity, and
FMTC are located at 82 Devonshire Street, Boston, Massachusetts
02109.
FIL is an investment adviser which provides investment
advisory and management services to a number of non-U.S.
investment companies or instrument trusts (the "International
Funds") and certain institutional investors. Prior to June 30,
1980, FIL was a majority-owned subsidiary of Fidelity. On that
date, the shares of FIL held by Fidelity were distributed, as a
dividend, to the shareholders of FMR. FIL currently operates as
an entity independent of FMR and Fidelity, with certain common
shareholders. The International Funds and FIL's other clients,
with the exception of Fidelity and an affiliate of Fidelity, are
non-U.S. entities. Various foreign-based subsidiaries of FIL are
also engaged in investment management. The principal office of
FIL is located at Pembroke Hall, 42 Crow Lane, Hamilton, Bermuda.
Members of the Edward C. Johnson 3d family are the
predominant owners of Class B shares of common stock of FMR
representing approximately 49% of the voting power of FMR. Mr.
Johnson 3d owns 12.0% and Abigail Johnson owns 24.5% of the
aggregate outstanding voting stock of FMR. The Johnson family
group and all other Class B shareholders have entered into a
shareholders' voting agreement under which all Class B shares
will be voted in accordance with the majority vote of Class B
shares. Accordingly, through their ownership of voting common
stock and the execution of the shareholders' voting agreement,
members of the Johnson family may be deemed, under the Investment
Company Act of 1940, to form a controlling group with respect to
FMR. The business address and principal occupation of Mr.
Johnson 3d is set forth in Schedule A hereto.
In addition, a partnership controlled by Mr. Johnson and
members of his family own shares of FIL voting stock with the
right to cast approximately 47.22% of the total votes which may
be cast by all holders of FIL voting stock. Mr. Johnson is
Chairman of FMR and FIL. FMR and FIL are separate and
independent corporate entities. FMR and FIL are managed
independently and their boards of Directors are generally
composed of different individuals. Their investment decisions
are made independently, and clients are different organizations.
The business address and principal occupation of Mr. Johnson 3d
is set forth in Schedule A herein.
The ADRs to which this statement relates are owned directly
by four of the Fidelity Funds, seven of the Accounts, and by
Fidelity International Limited, through its subsidiaries and
affiliates.
FMR and FIL are of the view that they are not acting as a
"group" for purposes of Section 13(d) under the Securities
Exchange Act of 1934 (the "1934 Act") and that they are not
otherwise required to attribute to each other the "beneficial
ownership" of securities "beneficially owned" by the other
corporation within the meaning of Rule 13d-3 promulgated under
the 1934 Act. Therefore, they are of the view that the ADRs held
by the other corporations need not be aggregated for purposes of
Section 13(d). However, FMR is making this filing on a voluntary
basis as if all of the ADRs are beneficially owned by FMR and FIL
on a joint basis.
The name, residence or business address, principal
occupation or employment and citizenship of each of the executive
officers and directors of FMR are set forth in Schedule A hereto.
Within the past five years, none of the persons named in
this Item 2 or listed on Schedule A has been convicted in any
criminal proceeding (excluding traffic violations or similar
misdemeanors) or has been a party to any civil proceeding and as
a result thereof was or is subject to any judgment, decree or
final order enjoining future violations of, or prohibiting or
mandating activities subject to federal or state securities laws
or finding any violations with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
The Fidelity Funds which own or owned ADRs purchased in the
aggregate 209,200 ADRs for cash in the amount of approximately
$5,248,007, including brokerage commissions. The Fidelity Funds
used their own assets in making such purchase and no part of the
purchase price is represented by borrowed funds. Proceeds from
237,000 ADRs sold aggregated approximately $5,260,976. The
attached Schedule B sets forth ADRs purchased and/or sold since
August 23, 1996.
The Accounts of FMTC which own or owned ADRs purchased in
the aggregate 42,650 ADRs for cash in the amount of approximately
$950,048, including brokerage commissions. The Accounts used
their own assets in making such purchase and no part of the
purchase price is represented by borrowed funds. Proceeds from
9,950 ADRs sold aggregated approximately $231,394. The attached
Schedule B sets forth ADRs purchased and/or sold since August 23,
1996.
The International Funds and accounts, which own or owned
Shares, purchased in the aggregate 712,265 ADRs for cash in the
amount of approximately $15,539,255, including brokerage
commissions. The International Funds and accounts used their own
assets in making such purchase and no part of the purchase price
is represented by borrowed funds. Proceeds from 80,117 ADRs sold
aggregated approximately $8,1943,154.
Item 4. Purpose of Transaction.
The purpose of Fidelity and FMTC in having the Fidelity
Funds and the Accounts purchase ADRs (see Item 5 below) is to
acquire an equity interest in the Company in pursuit of specified
investment objectives established by the Board of Trustees of the
Fidelity Funds and by the investors in the Accounts.
Fidelity and FMTC, respectively, may continue to have the
Fidelity Funds and the Accounts purchase ADRs subject to a number
of factors, including, among others, the availability of ADRs of
sale at what they consider to be reasonable prices and other
investment opportunities that may be available to the Fidelity
Funds and Accounts.
Fidelity and FMTC, respectively, intend to review
continuously the equity position of the Fidelity Funds and
Accounts in the Company. Depending upon future evaluations of
the business prospects of the Company and upon other
developments, including, but not limited to, general economic and
business conditions and money market and stock market conditions,
Fidelity may determine to cease making additional purchases of
ADRs or to increase or decrease the equity interest in the
Company by acquiring additional ADRs, or by disposing of all or a
portion of the ADRs.
Neither Fidelity nor FMTC has any present plan or proposal
which relates to or would result in (i) an extraordinary
corporate transaction, such as a merger, reorganization,
liquidation, or sale of transfer of a material amount of assets
involving the Company or any of its subsidiaries, (ii) any change
in the Company's present Board of Directors or management, (iii)
any material changes in the Company's present capitalization or
dividend policy or any other material change in the Company's
business or corporate structure, (iv) any change in the Company's
charter or by-laws, or (v) the Company's common stock becoming
eligible for termination of its registration pursuant to Section
12(g)(4) of the 1934 Act.
Item 5. Interest in Securities of Issuer.
Although Item 5 assumes that FMR, Fidelity, FMTC, and FIL
beneficially own all 1,438,648 ADRs, reference is made to Item 2
for a disclaimer of beneficial ownership with respect to the
securities which are "beneficially owned" by the other
corporations.
(a) FMR beneficially owns, through Fidelity, as investment
advisor to the Fidelity Funds, 773,800 ADRs, or approximately
2.68% of the outstanding ADRs of the Company, and through FMTC,
the managing agent for the Accounts, 32,700 ADRs, or
approximately 0.11% of the outstanding ADRs of the Company. FIL
beneficially owns, as investment advisor to the International
Funds, 632,148 ADRs, or approximately 2.19% of the outstanding
ADRs of the Company. Neither FMR, Fidelity, FMTC, nor any of its
affiliates nor, to the best knowledge of FMR, any of the persons
named in Schedule A hereto, beneficially owns any other ADRs.
The combined holdings of FMR, Fidelity, FMTC, and FIL are 438,648
ADRs, or approximately 4.98% of the outstanding ADRs of the
Company.
(b) FMR, through is control of Fidelity, investment advisor
to the Fidelity Funds, and the Funds each has sole power to
dispose of the ADRs. Neither FMR nor Mr. Johnson has the sole
power to vote or direct the voting of the 773,800 ADRs owned
directly by the Fidelity Funds, which power resides with the
Funds' Boards of Trustees. Fidelity carries out the voting of
the ADRs under written guidelines established by the Funds' Board
of Trustees. FMR, through its control of FMTC, investment
manager to the Accounts, and the Accounts each has sole
dispositive power over 32,700 ADRs and sole power to vote or to
direct the voting of 24,900 ADRs, and no power to vote or to
direct the voting of 7,800 ADRs owned by the Accounts.
(c) Except as set forth in Schedule B, neither FMR, or any
of its affiliates, nor, to the best knowledge of FMR, any of the
persons named in Schedule A hereto has effected any transaction
in ADRs during the past sixty (60) days.
Item 6. Contract, Arrangements, Understandings or Relationships
With Respect to Securities of the Issuer.
Inasmuch as FMR is no longer the beneficial owner of more
than 5% of the number of shares outstanding, FMR has no further
reporting obligation under Section 13(d) of the Securities
Exchange Act of 1934 or the rules and regulations promulgated by
the Securities and Exchange Commission thereunder. This
statement speaks as of its date, and no inference should be drawn
that no change has occurred in the facts set forth herein after
the date hereof.
The Funds and Accounts may from time to time own debt
securities issued by the Company or its direct or indirect
subsidiaries, and may from time to time purchase and/or sell such
debt securities.
Item 7. Material to be Filed as Exhibits.
Not Applicable.
This statement speaks as of its date, and no inference
should be drawn that no change has occurred in the facts set
forth herein after the date hereof.
Signature
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
FMR Corp.
DATE: October 30, 1996 By: /s/Frank
V. Knox
Frank V. Knox
Compliance Officer
SCHEDULE A
The name and present principal occupation or employment of
each executive officer and director of FMR Corp. are set forth
below. The business address of each person is 82 Devonshire
Street, Boston, Massachusetts 02109, and the address of the
corporation or organization in which such employment is conducted
is the same as his business address. All of the persons listed
below are U.S. citizens.
POSITION WITH
PRINCIPAL
NAME FMR CORP. OCCUPATION
Edward C. Johnson 3d President,
Chairman of the
Director, CEO Board and CEO, FMR
Chairman &
Mng. Director
J. Gary Burkhead Director President-Fidelity
Caleb Loring, Jr. Director, Director, FMR
Mng. Director
James C. Curvey Director, Sr. V.P., FMR
Sr. V.P.
William L. Byrnes Vice Chairman Vice Chairman, FIL
Director & Mng.
Director
Abigail P. Johnson Director Portfolio Mgr -
Fidelity
Management &
Research
Company
Robert C. Pozen Sr. V.P. & Gen'l Sr. V.P. & Gen'l
Counsel Counsel, FMR
David C. Weinstein Sr. Vice President Sr. Vice President
Administration Administration
Gerald M. Lieberman Sr. Vice Pres. - Sr. Vice Pres. -
Chief Financial Chief Financial
Officer Officer
SCHEDULE B
Korea Electric Power Corporation
Three Fidelity Fund(s) sold ADRs since August 23, 1996 at the
dates and at the prices set forth below. The transactions were
made for cash in open market transactions or with other
investment companies with the same or an affiliated investment
advisor.
DATE ADRS PRICE
08-30-96 7,300 $21.25
09-19-96 2,100 19.38
10-15-96 60,000 19.29
10-16-96 59,400 19.30
10-21-96 5,100 19.38
SCHEDULE B
Korea Electric Power Corporation
Six Account(s) purchased ADRs since August 23, 1996 at the dates
and at the prices set forth below. The transactions were made
for cash in open market transactions or with other investment
companies with the same or an affiliated investment advisor.
DATE ADRS PRICE
09-05-96 15,300 $20.75
09-27-96 4,200 19.38
10-07-96 12,300 19.11
SCHEDULE B
Korea Electric Power Corporation
Two Account(s) sold ADRs since August 23, 1996 at the dates and
at the prices set forth below. The transactions were made for
cash in open market transactions or with other investment
companies with the same or an affiliated investment advisor.
DATE ADRS PRICE
10-16-96 15,300 $19.30
