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GoldmanSachsSEOUL: Goldman Sachs has disposed of part of its stake in South Korea's Hana Financial Group through a $297.9 million block sale, documents showed Thursday.

The US-based firm sold 7.5 million shares at 43,000 won ($39.79) each, according to a term sheet seen by Dow Jones Newswires. The price represents a 6.5 discount on Wednesday's closing price.

The sale cuts Goldman's stake in South Korea's fourth-largest financial holding company in terms of assets to 4.46 percent from 7.56 percent.

The country's National Pension Service is now Hana's largest shareholder, with 5.1 percent as of the end of last year.

Goldman's action follows the sale by Singapore state-owned investment firm Temasek Holdings of its entire 9.6 percent stake in Hana last October for 680.86 billion won.

A Hana official quoted by Dow Jones said Goldman would remain a key strategic shareholder.

Hana Financial is awaiting regulatory approval to take over a controlling stake in fifth-largest bank Korea Exchange Bank from US-based buyout fund Lone Star Funds.

Copyright AFP (Agence France-Presse), 2011

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