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Biz News Korea(Eng)

DSME reviewing to spin off defense unit and sell stake in bulk

Collected: 2016.06.03

Distributed: 2016.06.07

Source: Go Direct

South Korea’s large shipbuilder Daewoo Shipbuilding & Marine Engineering Co. is reviewing to spin off its specialized defense business unit and sell stake in the newly created entity to raise more funds instead of having the defense unit go public.

“Public offering of shares in defense unit does not have to be the sole option to raise funds,” said an official of a creditor bank. “After the unit is spun off, the company can consider holding on to a 50 percent stake and additional one share to retain management control and sell off the remaining stake,” he added.

The offer could draw huge interest from large companies especially with energy business. Hanwha Group and LIG Group are potential bidding candidates.

The defense business unit of the shipbuilder is said to have the best technology in submarine sector. The unit yields steady operating profit rate of 6 to 8 percent and annual sales of around 1 trillion won ($842 million).

By Park Yong-beom

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