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Biz News Korea(Eng)
KDB suspends sale process of Daewoo E&C following audit rejection
- Collected
- 2016.12.08
- Distributed
- 2016.12.09
- Source
- Go Direct
According to sources from the financial and investment industry on Wednesday, the state lender decided to withdraw its plan to sell Daewoo E&C within the first half of next year. It thought of pushing ahead with the sale process despite the Deloitte Anjin’s disclaimer of opinion on the company’s third quarter statement because its private equity fund dubbed KDB Value Ⅵ through which the bank holds a 50.75 percent stake in the constructor matures in October 2017.
But the state bank decided to drop the sale plan as the Anjin’s rejection to give an auditing opinion on the builder has significantly damaged the value of Daewoo E&C. The constructor’s stock price plunged almost 20 percent from 6,320 won ($5.44) per share as of October 28, when KDB held a board meeting to decide on the sale plan, to 5,210 won on Wednesday. The value of the 50.75 percent stake owned by the bank also shrank from 1.3 trillion won to 1.1 trillion won even though it spent 3.2 trillion won for the equity acquisition and additional investment in the builder.
If Daewoo E&C receives a clean opinion on its year-end auditing report that will be released in March next year, its share price could rebound and KDB would be able to resume the sale process.
As of 13:09 on Thursday, shares of Daewoo E&C rose 0.58 percent to 5,240 won in Seoul trading.
By Hong Jang-won
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]