3 bids submitted for Hanjin Heavy Industries & Construction

Three consortia have submitted bids for financially troubled Hanjin Heavy Industries & Construction, its main creditor said Monday.

The three consortia include the one led by construction firm Dongbu and another one led by shipper SM Line, according to the state-owned Korea Development Bank (KDB).

The 83.45-percent stake in Hanjin Heavy up for sale is owned by seven local financial institutions, including KDB, and three Filipino financial institutions that include Rizal Commercial Banking.

KDB picked local accounting firm Samil PricewaterhouseCoopers and KDB's mergers and acquisitions consulting team as co-lead managers for the stake sale.

The preliminary bid to sell the controlling stake in the shipbuilder was finalized on Oct. 26.

The stake sale is expected to be concluded early next year after gaining approval from authorities, including the country's arms procurement agency, the Defense Acquisition Program Administration, as the shipbuilder has been fully dedicated to building battleships.

Yonhap