Korea Development Bank (KDB) will likely reduce the stake it wants to buy in Daewoo Engineering & Construction, by another 5%, to 40%, reported the Korea Economic Daily.
The report cited industry sources as saying that KDB has changed its plan to buy stakes held by financial investors only.
It had earlier been reported that KDB would buy a 45% stake in Daewoo E&C, from an initially planned 50%.
Meanwhile, KDB denied rumours that it had been seeking to sell the stake in Daewoo E&C to an Indonesian company. According to an item in Money Today, a senior official at the state-run bank told that the rumour was groundless. Earlier yesterday, 7 September, an online report in Korea Economic Daily claimed that KDB had discussed selling the stake, with an Indonesian conglomerate, and may agree to sell the holding in Daewoo to the group.
Source: Korea Economic Daily (translated)
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