DSME Looking to Sell off More Assets to Improve Liquidity
SOUTH Korea's Daewoo Shipbuilding & Marine Engineering has announced plans to sell its stake in a financing unit as well as a construction subsidiary as it strives to improve its financial situation.
According to MANA, The shipbuilder is looking to sell its 35.3% shareholding in ship investment firm Korea Marine Finance Corporation and has since commenced the public bidding process, a DSME official told Lloyd's List.
Established in 2003, KMFC's other shareholders include STX Offshore & Shipbuilding, Korea Development Bank, the National Federation of Fisheries Co-operatives, Korea Investment & Securities, NSB (Germany), Pan Continental Shipping, Shinsung Shipping and Hanwon Maritime according to its website.
DSME intends to review submitted bids on March 2 and choose a preferred bidder by the end of the month, the official said, adding that the move is part of the shipbuilder's move to boost its liquidity levels and continue with its rehabilitation plans.
Media reports said the consortium aims to completed the transaction by June for a price of around Won18bn ($15.8m).
DSME is also in the process of selling off its food-processing unit Welliv Co.