Starting Disposal Process
The announcement was put out for a bid for Daewoo Engineering & Construction Co., Ltd. (Daewoo E&C) on October 13. The bid deadline was set on November 13. The Korea Development Bank (KDB) issued the sales announcement on its website. The offering is a 50.75% stake in Daewoo E&C which the KDB holds through a private equity fund (KDB Value No. 6).
The bidding method is an open competitive system. Merrill Lynch and Mirae Asset Daewoo Securities were selected as co-lead managers.
The deadline for the receipt of preliminary bids is 3 pm on November 13. The reception office is on the 20th floor of East Tower of Mirae Asset Center One Building.
Prior to this, those who intend to participate in the bidding process must submit sealed copies of the confidentiality agreement by 3:00 pm on November 6.
Earlier, the KDB took over a 50.75% stake in Daewoo E&C during the Kumho Group's restructuring process in 2011 and has been pushing ahead with the sell-off of the equities ahead of the fund's maturity in October.