Hanarotelecom Inc – ‘6-K’ for 1/7/03 – EX-99.5

On:  Tuesday, 1/7/03, at 8:04am ET   ·   For:  1/7/03   ·   Accession #:  1145549-3-14   ·   File #:  1-15012

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Report of a Foreign Private Issuer   —   Form 6-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 6-K         Hanaro Telcom                                          4     16K 
 2: EX-99.1     Press Release Dated Dec. 16, 2002                      1      5K 
 3: EX-99.2     Press Release Dated Nov 29, 2002                       4     14K 
 4: EX-99.3     Press Release Dated Nov. 27, 2002                      1      6K 
 5: EX-99.4     Third Quarter 2002 Earnings Conference Call            1      7K 
 6: EX-99.5     Press Release Dated Nov 1, 2002                        1      8K 

EX-99.5   —   Press Release Dated Nov 1, 2002

EX-99.5
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                                                                    EXHIBIT 99.5
                                                           [English Translation]
                                                                      11/01/2002

The following is a press release dated November 1, 2002.                        

HANARO TELECOM, INC. OBTAINED BOARD OF DIRECTORS' APPROVAL FOR FOREIGN CAPITAL  
INVESTMENT IN HANARO                                                            

Hanaro Telecom, Inc. ('the Company' or 'Hanaro') announced that it obtained     
approval from its board of directors regarding foreign capital investment into  
Hanaro amounting to USD1.4 billion. This includes a USD700 million new rights   
issue through a private placement and a USD700 million syndicated loan, for its 
acquisition of a major stake in Powercomm. The foreign investors include AIG,   
Newbridge Capital and others.                                                   

In terms of the new rights issue, a total of 210 million non-bearer common      
stocks will be issued at KRW4,000 per share, amounting to KRW840 billion.       

The Company is also pursuing USD700 million of foreign capital investment       
through a syndicated loan with a maturity of 5 years. Hanaro is currently       
working with JP Morgan and UBS Warburg for the loan and will determine the terms
and conditions including the interest rate and method of payment at the earliest
possible time.                                                                  

All decision-making authority in relation to finalizing the terms and conditions
for the transaction will be delegated to the Representative Director & CEO      
(including Acting CEO in the absence of CEO), and once the term and conditions  
are concluded, the contract is expected to be signed within November.           

Hanaro plans to hold an extraordinary shareholders meeting in December to obtain
approval on amendment of the Articles of Incorporation and on the new rights    
issue.                                                                          

"The Company's foreign capital investment this time is mainly for the           
acquisition of a 30% stake in Powercomm. Against our dedicated efforts, there   
has been a great deal of rumors and negative comments concerning the acquisition
and the necessary fundraising. I believe the Board of Directors' approval on    
those issues will convey a clear message to the market about our firm           
determination on these projects and give us a better position in talks with     
KEPCO," Mr. Won Soo Doo, Hanaro's spokesman commented.                          

The foreign capital, if successfully raised, will not only enable the Company to
acquire a major stake in Powercomm, but also improve its financial condition    
while securing funds for future projects.                                       

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘6-K’ Filing		Date		Other Filings
Filed on / For Period End:		1/7/03		6-K
		11/1/02
				List all Filings