Petronas reportedly keen on major stake in Daewoo Engineering

SEOUL, 1 Sept 2017: 

Malaysia’s Petroliam National Bhd (Petronas) is interested in buying a controlling stake in Daewoo Engineering & Construction Co Ltd, a South Korean newspaper reported today – sending shares in the South Korean firm surging 9%.

Petronas is considering acquiring the 50.75% stake owned by Korea Development Bank (KDB), Maeil Business Newspaper reported, citing unnamed investment banking sources.

A KDB spokesman declined comment on the report of Petronas’ interest. Petronas was not immediately available for comment. Daewoo E&C declined to comment.

State-run KDB announced last year it would put up its stakes in non-core subsidiaries for sale. Since then, it has chosen BoA Merrill Lynch and Mirae Asset Daewoo Securities as sales advisors for Daewoo E&C, the spokesman said.

The notice to officially kick off the sale of its stake in Daewoo E&C is expected to come by end-September, he added.

– Reuters

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