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Daewoo coming to market

Daewoo coming to market

(South Korea) - The Korean government is looking to sell 15-20 percent of its stake in Daewoo Shipbuilding and Marine Engineering (DSME) later this year. JP Morgan is rumoured to have sole book mandate for a GDR to raise US$200 - 300 million, based on a sale combining shares held by the Korea Development Bank (KDB) and Kamco. Currently, 31.1 percent of DSME's 198.3 million shares are floating, with KDB holding 40.8 percent, Kamco 26.1 percent and other creditors owning the balance. The two acquired their positions in 2000 by way of a debt-for-equity swap, under DSME's debt rescheduling program.

The Company has also entered into a share buy-back program as a means to support its current price, planning to buy some six million shares by the end of November.

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