Korea Development Bank (KDB) is planning to complete its acquisition of Daewoo Engineering and Construction (E&C) by August, reported the Chosun Ilbo.
Daewoo E&C is the listed South Korean construction company in which KDB is in a process of acquiring a 50% stake plus one share from Kumho Asiana and its financial investors.
The report cited Min Yoo-sung, the CEO at the state-run financial firm, as saying that KDB will gather financial investors for its own private equity fund between July and August and take over Daewoo E&C though the fund.
Korea Development Bank would considering sell the stake if there is a suitable buyer for it, but Min said that there is no such buyer at present and KDB will keep the controlling rights to Daewoo E&C for the time being.
See here for all posts on the sale.
(Source: Chosun Ilbo)
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