South Korea plans to pick advisers next month for the sale of the 19.1 percent stake in Daewoo Shipbuilding & Marine Engineering Co Ltd held by state-run Korea Asset Management Corp (KAMCO), a source familiar with the situation said, part of efforts to recoup public funds injected after the Asian financial crisis, Reuters reports. KAMCO aimed to unload the stake worth 980 billion won ($862.2 million) at Thursday's closing price by the end of November next year, the source added, as well as its 9.9 percent stake in unlisted Kyobo Life Insurance.
A KAMCO spokesman said the government's public funds oversight committee would convene a meeting this week and next to decide on the sale particulars.
"We need to cash in as much as we can by next November to maximise the collection of public funds," the spokesman said.
State-run Korea Development Bank (KDB), the shipbuilder's biggest shareholder with a 31.3 percent stake, did not appear ready to resume a full-scale sale process in near future, the source added.
The source said KAMCO would look for options to hold its stake divestment separately from KDB, such as via a block sale.
KDB and KAMCO have jointly sought a new owner for one of the world's top three shipbuilders but failed to sell their controlling stake in early January 2009, when preferred bidder Hanwha group pulled out due to funding worries.
A KAMCO spokesman said the government's public funds oversight committee would convene a meeting this week and next to decide on the sale particulars.
"We need to cash in as much as we can by next November to maximise the collection of public funds," the spokesman said.
State-run Korea Development Bank (KDB), the shipbuilder's biggest shareholder with a 31.3 percent stake, did not appear ready to resume a full-scale sale process in near future, the source added.
The source said KAMCO would look for options to hold its stake divestment separately from KDB, such as via a block sale.
KDB and KAMCO have jointly sought a new owner for one of the world's top three shipbuilders but failed to sell their controlling stake in early January 2009, when preferred bidder Hanwha group pulled out due to funding worries.