High-level interest in Korea Express sale

Korea Development Bank chief executive Min Euoo-sung said two to three major corporations have expressed interest in acquiring a controlling stake in Korea Express Co.

A KDB official confirmed comments made by Min that were published by local media today. Min said the sale would start early this year. Min, however, didn't identify the firms that have expressed interest.

KDB said in December that a minimum 47.9 percent stake in Korea Express, South Korea's largest logistics company by revenue, will be put up for sale, which analysts say could fetch more than US$1.77 billion.

KDB, the lead creditor bank, controls about 23.95 percent of Korea Express, while Kumho Asiana Group holds another 23.95 percent stake in the logistics firm.

Steelmaker Posco said in December it was considering a potential acquisition of the stake, while local media have speculated that South Korean conglomerates such as Lotte, STX and Hanjin may also bid.

Separately, Min said the firm will decide on a timeline for the sale of its stake in Daewoo Shipbuilding & Marine Engineering Co, adding that there is no reason for the firm to wait on the sale process.

KDB and state-run debt clearer Korea Asset Management Corp control a combined 50.4 percent stake in the shipbuilder.
(Source:www.cargonewsasia.com)