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DSME shares to go back on the auction block

DSME shares to go back on the auction block

Seoul: South Korea's Daewoo Shipbuilding &Marine Engineering Co. will be on sale again in 2010 after its main creditor selects an adviser for the sale within the year, quotes the creditor as having said.

According to state-run Korea Development Bank (KDB), the main creditor, it wants to sell a controlling stake in the shipbuilder as soon as possible. "Detailed issues will be discussed later by creditors," Min Euoo-sung, CEO of the KDB, told reporters.

As the KDB suspended some 6 trillion-won (3.8 billion-U.S. dollar) deal with local Hanwha Group for Daewoo Shipbuilding in January this year, it said it plans for another bid for the sale.

The KDB's previous deal with Hanwha, then preferred bidder of Daewoo, was turned over as the group wanted to revise the terms of its offer amid the global economic downturn.

The KDB and the Korea Asset Management Corp. are currently the main creditor of Daewoo, with their combined holding of 50.4% stake.  [16/11/09]