Unlisted South Korean energy company Incheon Total Energy Company (http://www.e-inteco.co.kr) has been selected for privatization as part of the Korean government’s public institution enhancement plan.
State-run Korea District Heating Corp announced on 5 July that it will sell a 50% stake in Incheon Total Energy, through a public competitive bidding. Samil PricewaterhouseCoopers is advising on the transaction. Incheon Total Energy has total assets worth KRW 354.6bn (USD 289m).
Incheon Total Energy was established in June 2004, as one of the district energy vendors of Incheon Songdo International City and became a joint venture with Korea District Heating Corporation, Incheon, and Samchully Co., Ltd. in December 2005.
Sale Process –
1. Acceptance of Letters of Intent, etc.
- Period of submission : From 10:00 on Wednesday, July 7, 2010 to 17:00 on Friday, July 16, 2010 (Seoul Time)
- Documents to be submitted: Letter of Intent, Introduction of Bidder, Confidentiality Agreement
Please refer to the “Transaction Guideline for the sale of shares in Incheon Total Energy ” on the seller’s homepage (www.kdhc.co.kr), Korea on-line procurement system (www.g2b.go.kr) or Korea District Heating Corp bidding information of disclosing system for public institution of Korea (www.alio.go.kr) for additional details related with this transaction.
Should you have any questions on this transaction, please contact the Korea District Heating Corp. or Samil PricewaterhouseCoopers representatives listed below.
- Korea District Heating Corp. : Jin Kang, Kyoo-Man Kim, Soo-Yeon Lee (82 -31-780-4294/4295)
- Samil PricewaterhouseCoopers : Jun-Sub Suh, Joon-Kyoo Kim, Dae-Kyoo Shim (82-2-709-0758/7914, 82-2-3781-9662)
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