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Biz News Korea(Eng)
S. Korea’s builder Keangnam proceed with sale plan to seek out new owner
- Collected
- 2016.03.19
- Distributed
- 2016.03.22
- Source
- Go Direct
Keangnam raised its value after its self-rescue plan was approved by the court on Feb. 3. It handed over its ownership of Landmark 72 building in Hanoi, Vietnam to creditors and completely settled project financing’s contingent liabilities to clean itself before sale.
“Keangnam Enterprises is the first Korean constructor to win a licensed deal in overseas and boasts a legacy of 65 years as well as household apartment brand Keangnam Honorsville,” said a company official who was confident the sale would draw enough attention when considering the company’s strong credibility in the construction field.
Keangnam Enterprises is ranked 27th based on housing and construction performance review in 2015. It is also considered as the big catch in local merger and acquisition market together with another ailing construction firm Dongbu Corp. that is ranked 26th in construction capability. In 2012, Keangnam Enterprises was valued at 2.06 trillion won ($2.27 billion) ranking 14th in construction performance, but it ended up applying for corporate revival program at Seoul Central District Court in March 2015 due to liquidity crisis. The construction company recorded 454.6 billion won in revenue during the first nine months of last year, while running up an operating loss of 600.0 billion won.
By Yoo Tae-yang
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]