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DSME sale restarts

Seoul: The Korea Development Bank is weighing government-issued stock, as one of the ways of selling controling stake in Daewoo Shipbuilding & Marine Engineering. ??KDB President Min Yoo-sung said during a government audit on Tuesday, "We will examine every options flexibly to sell DSME." ??"Government-issued stock could be included in the options," he said. ??About the timing of sale announcement, Mr Min said, "We will put up a notice after reviewing market M&A situations and shipbuilding market conditions." ??The state-run KDB and the Korea Asset Management Corp. (KAMCO) hold a combined 50.4% stake in DSME after swapping debt for equity in December 2000, rescuing the company from near collapse. ??KAMCO also said on October 18th (Monday) that DSME sale will be re-promoted strategically considering market situations. ??KDB will manage the offloading of DSME going forward. ??KDB's first attempt to sell DSME had failed early last year as preferred bidder Hanwha Group sought to revise the terms of its offer amid the US-sparked global financial crisis. [20/10/10]

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