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Biz News Korea(Eng)

Employees association wins bid to buy out Korea Engineering Consultants

Collected: 2017.08.17

Distributed: 2017.08.18

Source: Go Direct

Employees will jointly own and run Korea Engineering Consultants Corp. (KECC), an affiliate of Hanjin Heavy Industries & Construction Co., the first type among Korean listed entities.

According to its lead manager NH Investment & Securities Wednesday, the employee stock ownership association (ESOA) beat out the other bidder to be chosen as the preferred candidate to acquire a 67.05 percent stake held by Hanjin Heavy Industries & Construction Holdings Co. The deal is estimated at around 700 billion won ($62 million).

The first employee-owned listed company will be born after the association completes the payment.

By Chun Gyung-woon and Yoo Tae-yang

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