Korea Asset Management (KAMCO) and creditors of South Korean Daewoo International will likely sell at least 50% and up to 68% of their stake in Daewoo International, reported Yonhap News here.
The report, which cited industry sources, claimed that the committee and other creditor banks decided they would consider selling their entire 68% stake, or at least a 50% stake, in order for a potential buyer to secure managerial rights.
The total 68% stake that is potentially for sale is jointly held by state-run KAMCO, The Export-Import Bank of Korea, Korea Development Bank and other creditors.
The report also claimed that KAMCO plans to sell the 24% stake in Kyobo Life held by Daewoo International together with the stake in latter to the buyer. Citing the sources, the report stated that the Public Fund Oversight Committee plans to confirm the sale method at a meeting, scheduled tomorrow [27 January]. After resolving the sale plan in the meeting, the Public Fund Oversight Committee is expected to announce the sale early next month, the report added.
For a more information about Daewoo International and the proposed sale see previous posts ’35% Daewoo International stake to go on sale‘ and ‘POSCO says Daewoo Int’l most interesting‘.
(Source: Yonhap News)
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