South Korea expects to hire advisers by January for the sale of a 19.1 percent stake in Daewoo Shipbuilding & Marine Engineering held by state-run Korea Asset Management Corp (KAMCO), KAMCO said on Thursday, Reuters reports. KAMCO aims to sell the stake, worth 1 trillion won ($864.86 million) at Wednesday's closing price, by the end of November next year in an effort to recoup public funds injected after the Asian financial crisis.
KAMCO said in a report that it would devise the most suitable plan for the sale after selecting advisers.
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 the near future, a source told Reuters earlier.
KDB and KAMCO have jointly sought a new owner for one of the world's top three shipbuilders, but failed to sell their combined controlling stake in early January 2009, when preferred bidder Hanwha Group pulled out due to funding worries.
KAMCO said in a report that it would devise the most suitable plan for the sale after selecting advisers.
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 the near future, a source told Reuters earlier.
KDB and KAMCO have jointly sought a new owner for one of the world's top three shipbuilders, but failed to sell their combined controlling stake in early January 2009, when preferred bidder Hanwha Group pulled out due to funding worries.