Daewoo E&C stake up for sale

Chris Sleight

29 June 2009

Korean chaebol (conglomerate) Kumho Asiana has put its 33% stake in Daewoo Engineering & Construction up for sale.

Kumho Asiana bought the stake in Daewoo E&C in 2006 for some US$ 5.2 billion. However, the fall in the company's share price as economic conditions have deteriorated means the one-third stake may now only be worth half that.

Kumho Asiana is reportedly facing cash-flow problems, forcing it to sell the stake at a capital loss.

Daewoo E&C was ranked 46th in iC's 2008 listing of the world's 200 largest construction companies. It is one of South Korea's three largest construction companies, with revenues last year of KRW 6591 billion (US$ 5.15 billion).

Business & Finance Mergers & acquisitions Construction
STAY CONNECTED



Receive the information you need when you need it through our world-leading magazines, newsletters and daily briefings.

Sign up

CONNECT WITH THE TEAM
Andy Brown Editor, Editorial, UK - Wadhurst Tel: +44 (0) 1892 786224 E-mail: [email protected]
Neil Gerrard Senior Editor, Editorial, UK - Wadhurst Tel: +44 (0) 7355 092 771 E-mail: [email protected]
Catrin Jones Deputy Editor, Editorial, UK – Wadhurst Tel: +44 (0) 791 2298 133 E-mail: [email protected]
Eleanor Shefford Brand Manager Tel: +44 (0) 1892 786 236 E-mail: [email protected]
CONNECT WITH SOCIAL MEDIA