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Biz News Korea(Eng)
Korea Development Bank to sell off its stakes in 46 non-financial firms this year
- Collected
- 2016.04.06
- Distributed
- 2016.04.07
- Source
- Go Direct
According to finance industry sources on Tuesday, KDB held a committee meeting and decided to sell off its stakes in 46 small- and medium-sized companies and startups in the non-financial sector including Osung LST Co. and Nexolon Co. as well as firms that it gained stakes through debt-to-equity swap deals, such as KAI and Daewoo Engineering & Construction, within this year. It also decided to put total 132 companies on sale this year, up from its initial target of 116. To speed up the stake sale of its non-financial affiliates, KDB will hold an investment roadshow at its headquarters in Seoul in June for the first time.
Among financial companies KDB has invested, KDB Life Insurance Co. is expected to be on sale this year following divesture of Daewoo Securities Co., KDB Asset Management Co. and KDB Capital Co. KDB holds the largest stake in KDB Life Insurance through KDB Consus Value Private Equity Fund (60.35 percent).
An unnamed official at KDB said the bank is also open to sale of its stakes in the non-financial companies in a package to a single investor such as private equity fund.
By Chung Seok-woo
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]