TR America Consortium proposes higher price for Daewoo E&C (Korean)
The Seoul Economic Daily reported that TR America Consortium, a bidder in the sale of Daewoo Engineering and Construction (Daewoo E&C), has proposed a higher price than its initial offer.
The article cites Mun Jung-Min, head of the consortium, who said in an interview with the newspaper that his firm had suggested about KRW 20,000 per share for the listed South Korean construction company, KRW 1,000 higher than its initial offer.
And KRW 2,000 higher than the reported Korea Development Bank (KDB) offer of KRW 18,000 per share, according to this article in Monday’s Korea Economic Daily (Korean).
Mun was also cited as saying his firm had secured an investment guarantee from overseas investors such as UBS and Citigroup.
As reported earlier, Kumho has put a 50% stake in Daewoo E&C up for sale.
(Sources: Seoul Economic Daily, Korea Economic Daily)
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