IBK, KStone cut Daewoo E&C stake further

Shareholders of the Korean building company waived their lockup restrictions to execute a $158 million share placement, making the most of a recent bull run.
Daewoo E&C's chemical project at Mesaieed, Qatar
Daewoo E&C's chemical project at Mesaieed, Qatar

Industrial Bank of Korea and US asset manager KStone Partners sold W177.6 billion $158 million worth of shares in Daewoo Engineering Construction Daewoo EC through an overnight block sale on Tuesday, the second time they've sold part of their stake in the South Korean builder in less than two months.

Through their jointly-owned SEBT Investment vehicle, the companies sold 5.8% of Daewoo EC at W7,400 per share, or an 8.9% discount to the stock’s Tuesday close of W8,120. The 24 million-share deal was pitched at W7,400 to W7,720 when subscription opened late Tuesday afternoon.

In an unusual move, the vendor and its sole placing...

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