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Biz News Korea(Eng)
Three Korean firms shortlisted to take over Sambu Construction
- Collected
- 2017.06.09
- Distributed
- 2017.06.12
- Source
- Go Direct
SM Group, Shinil Construction Group and DST Robot are the candidates to take over Korea’s oldest builder that came under court receivership in 2015.
Samil PricewaterhouseCoopers (PwC), the lead manager of the sale, plans to select a preferred bidder as early as this month and sign a stock purchasing agreement in July or August. The deal could be completed within this year upon the court’s final approval.
SM Group that has been active in the construction M&A market is deemed the best candidate. Since the early 2000s, SM Group has gobbled up struggling mid-sized constructors such as Woobang, Sungwoo and Dongah, enlarging its assets to 4.5 trillion won ($4.01 billion) equivalent to a level of a business group ranking in the top 50 overall in Korea.
The other two contenders are Shinil Construction Group and Kosdaq-listed DST Robot. Shinil Construction Group, staffed with former Dongah Construction executives and employees, has showed strong interest in Sambu early on this year. DST Robot, a manufacturer of industrial robots, was listed on the secondary Kosdaq market in 2006.
Sambu Construction founded in 1948 is Korea’s first licensed constructor. It had continued growth by participating in large social infrastructure projects but failed project financing deals after the global financial crisis dealt a blow to its cash flow, leading to filing for court receivership in 2015. It ranked 53rd in terms of construction orders last year.
By Chun Kyung-woon and Yoo Tae-yang
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]