keb-offloads-52-in-hyundai-engineering-ahead-of-majority-stake-sale

KEB offloads 5.2% in Hyundai Engineering ahead of majority stake sale

Deal priced at 5% discount, but share price plunges 7.6% as investors worry about more sales to come.
Korea Exchange Bank has sold a 5.2% stake in Hyundai Engineering and Construction in a block trade. The deal precedes the sale of a majority stake by the companyÆs creditors that could be launched as early as this week.

The block, which was arranged by Morgan Stanley, was priced late on Monday.

Hyundai Engineering's nine creditors, of which KEB is the main one, is looking to sell close to 51% of Hyundai Engineering through a competitive bidding process. People familiar with the sale say the sellers are ready to invite bids - however, they are waiting for annuncement of the preferred bidder for a controlling stake in fellow construction company Daewoo Engineering and Construction Co....
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