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KDB head says bank is in no hurry to sell Daewoo E&C

Sept 12,2018
The head of the state-run Korea Development Bank (KDB) said Tuesday that the KDB is in no hurry to sell Daewoo Engineering & Construction and will focus on boosting the corporate value of the builder.

The fate of Daewoo Engineering was thrown into uncertainty earlier this year after a smaller builder, Hoban Construction, dropped its bid to buy the company. A fund set up by KDB holds a 50.75 percent stake in Daewoo Engineering.

“We aim to reorganize Daewoo Engineering for now and sell it at a good price,” said Lee Dong-gull, chairman of the KDB.