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Korea Development Bank to Revive Daewoo Shipbuilding Sale Plan

Jan. 5 (Bloomberg) -- Korea Development Bank plans to revive the sale of its stake in Daewoo Shipbuilding & Marine Engineering Co., said Kang Man Soo, chief executive officer of the state-run lender.

Details will be decided after monitoring market conditions and the progress of Korea Asset Management Corp., which also plans to sell shares it owns in the world’s third-largest shipbuilder, Kang said at a news briefing in Seoul today.

Korea Development Bank selected Citigroup Inc., Daewoo Securities Co. and itself in December 2009 to arrange the sale. The Korean lender owns 31.3 percent of Daewoo Shipbuilding and Korea Asset holds 19.1 percent.

To contact the reporter on this story: Seonjin Cha in Seoul at scha2@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

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