Korea mandates Daewoo privatization

One of the first Daewoo group companies to complete its financial workout hopes to become the first since the financial crisis to issue international equity.

The Korean government is planning to sell up to 15% to 20% of its stake in Daewoo Shipbuilding and Marine Engineering DSME during the fourth quarter. JPMorgan is believed to have been awarded sole books for a GDR which will raise between $200 million to $300 million based on today's Thursday market price of Won9170 per share.

The sell-down will consist of a combination of existing shares held by the Korea Development Bank KDB and Kamco. Currently, 31.1% of DSME's 198.3 million shares are in freefloat, with KDB holding 40.8%, Kamco 26.1% and other creditors the remaining 2%. The two acquired their stakes at Won7,845 in the autumn of 2000 via a debt-for-equity...

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