SCHEDULE 13D
Amendment No. 1
Korea Electric Power Corporation
American Depository Receipt
Cusip # 500631106
Filing Fee: No
Cusip # 500631106
Item 1: Fidelity International Limited
Item 4: PF
Item 6: Bermuda
Item 7: 632,148
Item 8: None
Item 9: 632,148
Item 10: None
Item 11: 1,438,648
Item 13: 4.98%
Item 14: HC, IA
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 Fidelity International
Limited, a Bermuda joint stock company incorporated for an
unlimited duration by private act of the Bermuda legislature
("FIL"). A separate Schedule 13D is being filed by FMR Corp., a
Massachusetts Corporation ("FMR"), with respect to the ADRs. 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. The principal office of FIL is located
at Pembroke Hall, 42 Crow Lane, Hamilton, Bermuda.
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 adviser
which is registered under Section 203 of the Investment Advisers
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 adviser 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.
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.
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.
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 3d 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 hereto.
The ADRs to which this statement relates are owned directly
by five of the Fidelity Funds, four 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 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. The attached Schedule B
sets forth ADRs purchased and/or sold since August 23, 1996.
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 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.
Item 4. Purpose of Transaction.
The purpose of FIL or its subsidiaries in having the
International Funds and 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
Directors of the International Funds.
FIL or its subsidiaries may continue to have the
International Funds and accounts purchase ADRs subject to a
number of factors, including, among others, the availability of
ADRs for sale at what FIL or its subsidiaries considers to be
reasonable prices and other investment opportunities that may be
available to the International Funds and accounts.
FIL and its subsidiaries intend to review continuously the
equity position of the International 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, FIL and its
subsidiaries may determine to cause the International Funds 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.
FIL and its subsidiaries have no present plan or proposal
which relates to or would result in (i) an extraordinary
corporate transaction, such as a merger, reorganization,
liquidation, or sale or 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, 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) FIL beneficially owns, as investment adviser or the
parent of the investment adviser to the International Funds and
accounts, 632,148 ADRs, or approximately 2.19% of the outstanding
ADRs of the Company. 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.
Neither FMR, Fidelity, FMTC, nor any of its affiliates nor, to
the best knowledge of FMR, any of the persons name in Schedule A
hereto, beneficially owns any other ADRs. The combined holdings
of FMR, Fidelity, FMTC, and FIL are 1,438,648 ADRs, or
approximately 4.98% of the outstanding ADRs of the Company.
(b) The International Funds, the International Pension
Accounts and FIL, as investment adviser to the International
Funds and International Pension Accounts, each has the sole power
to vote and the sole power to dispose of the 632,148 ADRs held by
the International Funds and the International Pension Accounts.
FIL has the sole power to vote 632,148 shares and the sole power
to dispose of 632,148 shares.
Item 6. Contract, Arrangements, Understandings or Relationships
With Respect to Securities of the Issuer.
Inasmuch as FIL is no longer the beneficial owner of more
than 5% of the number of shares outstanding, FIL 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 International 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.
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.
Fidelity International Limited
DATE: October 30, 1996 By /s/Frank V.
Knox
Frank V. Knox
Under Power of Attorney
from Arthur S. Loring
Dated October 28, 1996
SCHEDULE A
POSITION WITH PRINCIPAL
NAME AND ADDRESS INTERNATIONAL OCCUPATION
Edward C. Johnson 3d Director & Chairman
of the Board Chief Executive
82 Devonshire Street Officer-FMR
Corp.
Boston, MA 02109
Barry J. Bateman Director President-Fidelity
London, England International Ltd.
EC3R 8LL
William L. Byrnes Director Vice Chairman-
82 Devonshire Street FMR Corp.
Boston, MA 02109
Simon Haslam Chief Financial Officer CFO-Fidelity
Oakhill House International
Limited
130 Tonbridge Road
Hildenborough, Kent,
TN119DZ
Charles T. M. Collis Director, & V.P.
Private Attorney
P.O. Box HM 391
Hamilton HMBX, Bermuda
Glen R. Moreno Director Director-Fidelity
25 Lovat Lane International Ltd.
London, England
EC3R 8LL
David J. Saul Director Executive V.P. &
P.O. Box HM 670 President-Fidelity
Hamilton, Bermuda Bermuda, a division
of Fidelity
International Ltd.
Brett P. Goodin Company Secretary Company Secretary
and Chief
P.O. Box HM 670 Legal Officer-
Fidelity International
Hamilton, Bermuda Limited
Messrs. Johnson 3d, Byrnes, and Moreno are United States
citizens and Messrs. Cambridge, Collis, Saul, and Bateman are
citizens of the United Kingdom.
SCHEDULE B
Korea Electric Power Corporation
One International 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.
DATE SHARES PRICE
09-05-96 1,200 $20.75
SCHEDULE B
Korea Electric Power Corporation
Three International 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.
DATE SHARES PRICE
09-05-96 7,397 $20.50
09-05-96 6,723 23.50
