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지나쌤

KDB begins preparatory work to sell Daewoo Engineering

By Catherine Chung

Published : July 10, 2017 - 17:43

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State-run Korea Development Bank said Monday it has begun preparatory work to sell its controlling stake at Daewoo Engineering & Construction Co.

KDB plans to pick an investment bank, a law firm and an accounting firm during next month to arrange the planned sale of its 50.75-percent stake in Daewoo Engineering that has been valued at 1.65 trillion won ($1.42 billion) as of Monday closing price. 

(Yonhap) (Yonhap)

KDB will announce the sale of the Daewoo Engineering stake by the end of this year after conducting due diligence on the construction company.

The 50.75-percent stake is held by a private equity fund owned by KDB.

In 2010, KDB, a key creditor of Kumho Asiana Group, purchased Daewoo Engineering 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. (Yonhap)

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