State-run Korea Development Bank (KDB) Friday has embarked on a process to sell Daewoo Engineering & Construction Co., Ltd. (Daewoo E&C) by forming a team of lead managers and their legal and accounting advisers.
They are Bank of America (BOA) Merill Lynch and Mirae Asset Daewoo Co., accountant EY Han Young, and law firm Shin & Kim.
Daewoo E&C after a big bath last year will turn out its best-ever performance this year, said KDB, its main shareholder. It deems its market value will go up upon improving business portfolio and capabilities.
The state lender has been trying to sell the 50.75 percent stake in Daewoo E&C via a special purpose fund dubbed KDB Value VI through an open competitive auction. Most savable Daewoo companies came under KDB after the conglomerate went bust amid Asian financial crisis in late 1990s.
Bidding invitation is expected in September.
By Chung Seok-woo
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]