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Biz News Korea(Eng)
DSME to finalize sale process of two non-core units within the year
- Collected
- 2016.10.20
- Distributed
- 2016.10.24
- Source
- Go Direct
According to the investment banking industry on Wednesday, the shipbuilder’s largest shareholder Korea Development Bank (KDB) and its sale agency KPMG would be receiving final bids for DSEC on Friday. The auction host is expected to select a preferred bidder on Monday after studying bid prices and management abilities of the contenders. If the sale process goes smoothly, the preferred bidder would sign a memorandum of understanding (MOU) early next month in hopes to finalize the deal within the year. The ship designing company had attracted 17 preliminary bidders last month.
The company founded in 1993 has credential in prowess in ship designing and manufacturing oversight. The Busan International Distribution Center (BIDC), a subsidiary of DSEC, which owns a 51 percent stake in the company, report 6 billion won ($5.35 million) to 8 billion won in operating profit and 70 billion won to 80 billion won in sales every year. The company posted 79.5 billion won in net loss and 488.3 billion won in sales last year.
More than 10 companies handed in letters of intent (LoI) in the preliminary bid for Welliv, which was closed late last month. Sale agency KPMG is expected to select a preferred bidder on November 7.
CJ Group is considered a winning bidder for Welliv.
By Yoo Tae-yang
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]