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South Korea’s Daewoo Engineering & Construction Co. (Daewoo E&C) will undergo a makeover period before being put up for sale again after its sole bidder pulled out of the deal upon discovering massive losses in the builder’s overseas operation.
Its largest stakeholder and creditor Korea Development Bank (KDB) said Monday it will raise the appeal of the debt-heavy builder and win back credibility before putting it back on the market.
Though a date was not specified, experts project the sale to take place before July 2019, the expiry date of KDB Value Private Equity Fund 6, a fund through which the state-run bank controls Daewoo E&C with a 50.75 percent stake or 210,931,209 shares.
The market has been closely following the sale process, especially after the smaller Hoban Construction Co. had emerged as the preferred bidder for the country’s third largest builder. But the deal fell through when Hoban withdrew its bid after discovering Daewoo E&C had booked a 300 billion won ($280.8 million) loss in the fourth quarter due to some defective materials at its coal-fired power plant project in Morocco.
KDB said it is conducting a joint investigation with Daewoo E&C in its overseas operations to bring to light any other failings.
Shares of Daewoo E&C closed Monday up 5.92 percent at 5,190 won.
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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