SEOUL, May 13 (Xinhua) -- South Korea is expected to unveil its privatization plan for state-run companies soon, a senior South Korean official said Tuesday.

    According to Vice Strategy and Finance Minister Bae Kook-hwan, the government plans to announce the privatization plan by late June and unveil it in middle June.

    The Finance Ministry is planning to privatize around 60 to 70 out of a total 305 state-run institutions, while seeking to merge 20 to 30 others, South Korea's Yonhap News Agency reported.

    According to Yonhap, the companies reportedly set to be privatized include the power generation subsidiaries of Korea Electric Power Corp., Korea Railroad Corp. and Incheon International Airport Corp.

    "We decided to introduce these measures as a way of improving the management of many poorly-run public companies while strengthening the role and responsibility of chief executives there," Bae said.