The state-run Korea Development Bank (KDB) will likely postpone the sale of South Korea’s Daewoo Shipbuilding and Marine Engineering (DSME) until the end of 2010, reported the Korea Economic Daily.
The report cited KDB president Min Yoo-sung as saying that he had initially planned to announce the sale by this month, but it would now likely take place around the year-end. Min said that the delay was due to the fact that present conditions in the shipbuilding industry were not very favourable for a deal.
Meanwhile, DSME’s potential buyer, POSCO, is yet to enter into the evaluation stage for the acquisition.
The report cited Jung Joon-yang, the president of the South Korean steelmaker, for the information.
See here for all stories on the sale of DSME.
(Source: Korea Economic Daily)
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