Kamco to sell bailed-out firms at faster rate

Korea’s state-run debt clearer said yesterday that it plans to accelerate the sale of bailed-out companies including Daewoo Shipbuilding & Marine Engineering Co. next year.

The Korea Asset Management Corp. said in a report that it plans to select a sales adviser for Daewoo Shipbuilding by January 2012 to sell its 19.1 percent stake in the world’s third-largest shipbuilder.

The agency said that it plans to craft an optimal sale plan for the shipbuilder, including competitive bidding.

The sale of Daewoo Shipbuilding has been put on hold since the Hanwha Group pulled its bid in January 2009 due to funding problems. The Korea Development Bank is the biggest shareholder of the shipbuilder with 31.3 percent stake, followed by Kamco.

The state-run debt clearer also added that it plans to post the sale notice for Ssangyong Engineering & Construction Co. this month. It aims to complete the sale of its 38.8 percent stake in the builder by the third quarter of next year.

Touching on Kyobo Life Insurance Co., Kamco plans to pick a sales adviser for its 9.9 percent stake in the country’s No. 2 life insurer within December.

Kamco, established in late 1997, has bought 111.5 trillion won ($96.1 billion) worth of distressed assets since the 1998 Asian-wide financial meltdown. It retrieved 45.7 trillion won as of end-November, exceeding 39.2 trillion won in public funds which the government injected into troubled companies.

Yonhap