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Biz News Korea(Eng)
DSME reattempts sale of food-making unit Welliv
- Collected
- 2017.02.04
- Distributed
- 2017.02.06
- Source
- Go Direct
According to the investment banking industry Friday, DSME’s sales advisor Samjong KMPG LLC sent teasers, or investment letters, to potential buyers. DSME plans to receive a letter of intent (LoI) by mid-February and shortlist eligible buyers within this month. Five to six firms are believed to be interested. The deal is expected to fetch 80 billion won ($69.9 million).
CJ Group and Harim Group are known to be the most probable bidders as both food processing firms had previously partaken in the earlier auction of Welliv last year.
DSME attempted to sell off Welliv last year, which eventually fell apart as then preferred bidder failed to come up with the funds to close the deal.
Founded in 2005, Welliv provides meal, hospitality, security, and transportation services primarily for ship owners worldwide. Its revenue mostly comes from cafeteria food for DSME shipyards. The firm posted 12.6 billion won in operating profit on revenue of 221.7 billion won at the end of 2015. Its debt ratio stands at 32.5 percent with assets of 92.9 billion won and debt worth 22.8 billion won.
By Yoo Tae-yang
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