The South Korean Government is planning to sell a 15% stake in Incheon International Airport through an initial public offering in 2010.

The move is intended to increase management efficiency at the airport alongside raising funds for expansion.

The government will retain a controlling stake of 51% at the airport.

Depending on market conditions the government may offer more shares to the public or investors after 2011, although foreign ownership will be capped at 30%.

A $3.5bn plan is in place to expand Incheon Airport’s terminals and other facilities, with capacity expected to increase by 41% to 62 million passengers annually by 2015 while cargo capacity will rise by 29 % to 5.8 million.