The South Korean Government is planning to privatise Incheon International Airport (ICN).

The government has agreed to put 49% of its stake up for sale and says it hopes it will garner an estimated $504m (590.9bn won).

The government said the airport is worth 3.5tn won, which is lower than an earlier book value which stood at 4.1tn won.

The government has also proposed a 9tn-won redevelopment plan, which is expected to be complete by 2015.

Members from the opposition party have decried the move, arguing that ICN is the most profitable airport and it is being severely shortchanged.