SKorea's Daewoo Shipbuilding sale to begin soon - KDB

SEOUL, Mar 26, 2008 (Thomson Financial via COMTEX) -- KOOKF | news | PowerRating | PR Charts -- The process of selling Daewoo Shipbuilding & Marine Engineering, the world's third-largest shipbuilder, is set to begin soon, its largest shareholder Korea Development Bank said Wednesday.

As an initial step, the KDB will pick a deal arranger in an open bidding to ensure transparency, it said, without givinge a detailed timetable.

The KDB currently holds a 31.3 percent stake in Daewoo Shipbuilding, while the Korea Asset Management Co owns 19.1 percent.

The announcement sent Daewoo Shipbuilding shares sharply higher in late morning trade on Wednesday. The stock was up 4,050 won or 12.3 percent at 37,000 won.

The mainboard KOSPI was up 0.2 percent at 1,677.43 points.

(1 US dollar = 985.30 won)

Source: Tradingmarkets