Samsung C&T denied rumors that it was in talks with paint group KCC to sell its residential construction business branded as “Raemian.”
In regard to the request for inquired disclosure about rumors over its residential construction business sell-off to KCC, the company said on March 17, “We’re not considering any sale of our residential construction business to KCC or the (rumored) establishment of a joint venture with the firm.”
Rumors have been circulating from last year that the Samsung C&T is seeking to sell the residential construction unit and one of potential buyers is KCC.
The company also denied rumors that it is trying to transfer the construction rights for plant construction orders worth hundreds of billions of won. A Samsung C&T official said, “We’ve never transferred the construction rights for public construction projects worth some 100 billion won (US$85.47 million) to other construction firms.”