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Kia"s Bidding Guide Lines are Set

Sept 13,1998
Kia Motors Co. sent its guidelines for the second round of bidding on September 11 to four companies which had already submitted their letters of intent for bidding. The guidelines include the conditions for the repayment of Kia's debts and how the bidders will be evaluated.
A source at Kia said, 'The company changed the expression 'significant disadvantage' into 'disqualification' among its guidelines. This will be applied to bidders who ask for additional conditions. They will be at a significant disadvantage.' Kia, however, will maintain its specific criteria. This includes the bidding price (30%), bidder's long term cash flow (30%), long term competitiveness (15%) and how much the bidder can contribute to employment and exports (25%). Kia will complete its evaluation of the bidders by September 21 and announce a successful bidder on September 28.




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