Direct foreign investment in South Korean equities...

Direct foreign investment in South Korean equities will be allowed in 1992, the Ministry of Finance said, but selected investors will be allowed limited access to the booming market a year earlier. The ministry’s blueprint offers an early opportunity to holders of convertible Eurobonds issued by South Korean companies to convert these into shares in 1991, then sell the shares and reinvest the proceeds on the Korea stock exchange. Five convertible bonds have already been issued by South Korean companies. Foreigners can also invest indirectly through two closed-end funds and several unit trusts.