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Ssangyong E & C announced to put Namkwang, its affiliate, on sale
2003-04-11
On March 27, Ssangyong Engineering & Construction(Ssangyong E&C) officially announced that it would invite those interested to bid for buying the stock of Namkwang Engineering & Construction (Capital Stock: 127.1 bil. Won/ 43rd in the revenue ranking of general contractors in Korea) to submit a letter of intent during the period of April 7 ~ 12.
This stock sale includes majority shares owned by Ssangyong E & C(21.9%), Hana Bank (10.1%) and Employee’s Stockownership (9.7%). Remaining shares are by financial institutions (5.13%), individual shareholders (32.53%) and others (18.32%) respectively. The buyer taking over the entire portion owned by Ssangyong will, in actual, take the control of Namkwang.
The price offered by Ssangyong E & C reflects the par value plus premium for management rights. Ssangyong E & C will select the final bidder in comprehensive consideration of: △ bid price △ stability in employment of employees △ potentiality for continuous growth of Namkwang.
An officer of Ssangyong E & C explained, "Our decision to sell our management rights of Namkwang is for the sake of improving our financial soundness by securing liquidity.”
It is reportedly known that leading construction firms wishing to expand their capability specially in housing area and public sector of various government projects are showing their keen interest.