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THE INVESTOR
December 12, 2018
Big Reunion

Deals

KDB to receive preliminary bids to sell Daewoo Engineering

  • PUBLISHED :October 13, 2017 - 14:49
  • UPDATED :October 13, 2017 - 14:49
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[THE INVESTOR] The state-run Korea Development Bank said on Oct. 13 it will receive preliminary bids to sell its controlling stake in Daewoo Engineering & Construction.

The 50.75-percent stake in in the firm is valued at some 1.5 trillion won (US$1.32 billion) and is held by a private equity fund controlled by KDB.

KDB plans to pick a preferred bidder early next year.

The lender, a key creditor of Kumho Asiana Group, purchased the stake in 2010 to help the debt-ridden parent group restructure its finances.

Kumho Asiana’s two subsidiaries, Kumho Tire and Kumho Industrial, have been under a debt restructuring program since early 2010 due to a severe cash crunch sparked by the group’s purchase of Daewoo Engineering in 2006.

By Alex Lee and newswires (alexlee@heraldcorp.com)
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