South Korea’s SK Telecom Co Ltd, said it sold half of its 2.85 percent stake in steelmaker POSCO for 440 billion won ($395.91 million) before the stock market opened on Monday, according to Reuters.

The exrcise is a part of efforts to secure capital for future investments

"We signed the contract (with share buyers) on Saturday, and traded before the market open this morning," the spokeswoman said.

Last month SK Telecom had said that it postponed the planned sale of its 1.43% stake in steelmaker Posco citing poor market conditions, reversing from its position announced a day earlier.