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DSME mulls European listing

DSME mulls European listing

Seoul: South Korea's Daewoo Shipbuilding & Marine Engineering Co, the world's third-largest shipbuilder by order backlog, has told Dow Jones it may seek an initial public offering for its Romanian shipyard in Romania or London.
"If our Romanian shipyard, Daewoo Mangalia Heavy Industries SA, meets local requirements for an IPO in the Romanian stock market, we will proceed with the IPO plan in Romania," said An Wook-Hyeon, a company spokesman.
He said an IPO in London is another option.
" Daewoo Mangalia Heavy, which shifted to profit in the second half of last year, is expected to post profits for the whole of this year to satisfy the IPO requirements," he said, without providing financial figures for the yard.
Daewoo Shipbuilding owns a 51% stake in Daewoo Mangalia Heavy, the Korean company's only overseas shipyard. This past weekend DSME opened a $100m block building site in Yantai, China. [21/06/07]

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