Seoul: The head of the state-run Korea Development Bank (KDB) said Thursday he expected the stalled process of selling Daewoo Shipbuilding & Marine Engineering Co. to resume in August and wrap up the stake sale by the end of this year.
KDB and the state-run Korea Asset Management Corp., which hold a combined 50.37 per cent of the shipyard, are seeking to sell their stake in the world's third-largest shipbuilder this year, but the progress of the sale has been slowing mainly due to Daewoo Shipbuilding's union protests against its privatization.
"I cautiously expect the process of the stake sale to resume in August and the privatization of the shipbuilder may wrap up by the end of this year as planned," Min Euoo-sung, chairman of KDB, told a press conference. [24/7/08]
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