10 firms thought to have bid to buy stake in Daewoo E&C

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10 firms thought to have bid to buy stake in Daewoo E&C

About 10 firms from home and abroad submitted their preliminary bids to buy a controlling stake in Daewoo Engineering & Construction from the state-run Korea Development Bank (KDB), an industry source said Monday.

Bidders included a local construction firm, Hoban Construction, the source said on the condition of anonymity.

The 50.75-percent stake in Daewoo Engineering is valued at some 1.5 trillion won ($1.34 billion).

KDB plans to pick a preferred bidder early next year.

The state lender, a key creditor of Kumho Asiana Group, purchased the stake in Daewoo Engineering in 2010 to help the debt-ridden parent group restructure its finances.

Kumho Asiana’s two subsidiaries - Kumho Tire and Kumho Industrial - have been under a debt restructuring program since early 2010. YONHAP

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