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Two year deadline set for DSME sale

Two year deadline set for DSME sale

Seoul: State-run Korea Development Bank will look at selling its controlling 31% stake in Daewoo Shipbuilding & Marine Engineering Co by the end of 2008, given the positive business outlook for the next few years, said KDB Governor Kim Chang-Lok at a media briefing Monday attended by Dow Jones. "The company is expected to turn around to an operating profit in the second half and the scope of profits is forecast to widen until the end of 2008 because of higher ship prices. The good operating result will make it the best timing for the sale," said Kim. KDB is planning to reveal in early 2007 the details of the creditors' planned sale of Daewoo Shipbuilding, which is likely to fetch around KRW6 trillion to KRW7 trillion, Kim said.   [28/08/06]

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