KDB to put Daewoo Engineering up for sale again

Region:

Asia-Pacific

State-run Korea Development Bank (KDB) will put Daewoo Engineering & Construction Co. up for sale again after restructuring the ailing builder. The fate of Daewoo Engineering was thrown into uncertainty earlier this month after a smaller builder, Hoban Construction Co., dropped its bid to buy the bigger rival due to losses in Daewoo Engineering's overseas businesses. KDB's fund holds a 50.75% stake in Daewoo Engineering and the fund will expire in July 2019.

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