KDB is considering selling stake in Daewoo Engineering

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KDB is considering selling stake in Daewoo Engineering

The state-run Korea Development Bank (KDB) is considering selling a majority stake in Daewoo Engineering & Construction in about two years, as it puts its focus on improving the value of the builder, the KDB’s chief said Monday.

KDB Chairman Lee Dong-gull made the remarks at a parliamentary audit earlier in the day. Previously, KDB had said it would be in no hurry to sell Daewoo Engineering.

Lee told lawmakers that KDB could sell Daewoo Engineering “in about two years when the time is good.”

KDB, a key creditor of Kumho Asiana Group, purchased a 50.5 percent stake in Daewoo Engineering in 2010 to help the debt-ridden conglomerate restructure.

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