Bidders in the sale of Incheon Total Energy, the unlisted South Korean energy company, have started due diligence this week, reported the Seoul Economic Daily.
The report, which cited information released from seller, Korea District Heating Corp, disclosed that the four bidders that started the in-depth inspections are Samchully, GS Power, Macquarie Korea Opportunities Fund and Shinhan BNP Paribas Investment Trust. The sale is expected to be finalized by end of this October, it added.
As reported earlier, South Korean state-run Korea District Heating Corp had placed a 50% stake in Incheon Total Energy up for sale. Samil PricewaterhouseCoopers is advising on the transaction.
According to the earlier report, Incheon Total Energy has total assets worth KRW 354.6bn (USD 289m).
Source: Seoul Economic Daily (translated)
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