South Korea's main opposition Minjoo Party of Korea on Friday finalized three candidates for the leadership election slated for later this month, with Rep. Song Young-gil dropping from the contest.

While four contenders earlier vowed to join the election, the party held a preliminary election on Friday to shortlist the candidates into three in accordance with its policies.

The three chosen are Reps. Choo Mi-ae, Lee Jong-kul and Kim Sang-gon, who is a party personnel official. Choo and Kim are considered to be in the so-called pro-Moon Jae-in faction, and Lee an independent candidate.

Moon, who stepped down from the party's leadership earlier this year, had competed with President Park Geun-hye for South Korea's top elected office in late 2012. He is still considered a prominent potential presidential candidate in next year's race.

The opposition party's convention will be held on Aug. 27. The ruling Saenuri Party, meanwhile, plans to hold its leadership election on Tuesday.

The ruling party also finalized four candidates on Friday, with Rep. Joo Ho-young being named to represent the non-Park-Geun-hye faction by beating Rep. Choung Byoung-gug in a poll.

(Yonhap)