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 E&C) 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 E&C 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 agent,

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