Most Popular
-
1
1 in 3 Koreans live alone, family types becoming diverse
-
2
Korea, Japan finance chiefs vow to tame rampant FX market volatility
-
3
K-pop group's manager dismissed for setting up spycam in theater dressing room
-
4
K-pop singer lost consciousness after being hit by foul ball, cancels show
-
5
Contentious grain bill put directly to plenary meeting for vote
A South Korean investor consortium led by Gwangju-based construction conglomerate Jungheung Group has signed a memorandum of understanding to initiate talks surrounding the acquisition of a 50.75 percent stake in Daewoo Engineering & Construction, a filing showed Monday.
Following the nonbinding agreement, the investor group -- comprising Jungheung Group and investment bank Mirae Asset Securities -- will carry out due diligence before signing a binding deal with the company‘s largest shareholder, KDB Investment.
Daewoo E&C noted that details of the deal terms are subject to change as the negotiation goes on, in a filing submitted to the Financial Supervisory Service.
Daewoo E&C is the sixth-largest builder in Korea. The company owns housing franchise Prugio and has a range in its portfolio, including liquefied natural gas regasification plants and storage tanks.
The news comes a month after the Jungheung-led consortium was selected as the preferred bidder for Daewoo E&C takeover in early July.
Jungheung, dedicated to housing construction, civil engineering and real estate development, pledged to strengthen Daewoo E&C’s real estate development business and its international profile with acquisitions for sustainability.
Jungheung Group is the country’s 47th-largest business in Korea. Jungheung Group is also the parent company of Herald Corp., publisher of The Korea Herald.
Following the nonbinding agreement, the investor group -- comprising Jungheung Group and investment bank Mirae Asset Securities -- will carry out due diligence before signing a binding deal with the company‘s largest shareholder, KDB Investment.
Daewoo E&C noted that details of the deal terms are subject to change as the negotiation goes on, in a filing submitted to the Financial Supervisory Service.
Daewoo E&C is the sixth-largest builder in Korea. The company owns housing franchise Prugio and has a range in its portfolio, including liquefied natural gas regasification plants and storage tanks.
The news comes a month after the Jungheung-led consortium was selected as the preferred bidder for Daewoo E&C takeover in early July.
Jungheung, dedicated to housing construction, civil engineering and real estate development, pledged to strengthen Daewoo E&C’s real estate development business and its international profile with acquisitions for sustainability.
Jungheung Group is the country’s 47th-largest business in Korea. Jungheung Group is also the parent company of Herald Corp., publisher of The Korea Herald.
![[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2024/04/18/20240418050645_0.jpg&u=20240419100350)
![[Today’s K-pop] Zico drops snippet of collaboration with Jennie](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=642&simg=/content/image/2024/04/18/20240418050702_0.jpg&u=)