Sale Eyed for Daewoo Shipbuilding

According to Reuters, South Korea aims to sell a controlling stake in Daewoo Shipbuilding and Marine Engineering, currently valued at 2.5 trillion won ($2.5 billion), in the second half of 2006, a lead creditor said on Wednesday. State-run Korea Development Bank (KDB) and government restructuring agency KAMCO own a combined 50.6 percent stake in the world's second-biggest shipbuilder. The market has been awaiting news of the sale process, along with developments on upcoming deals to sell controlling stakes in Korea Exchange Bank and LG Card Co. Ltd. KDB was also in the process of selecting a legal adviser and an accounting firm to begin the sale process of top local credit card issuer LG Card, Kim said. KDB, which is managing the sale on behalf of other creditors, has recently named JP Morgan as a lead manager for the deal. Shares in Daewoo Shipbuilding gained 2.01 percent to close at 25,400 won, while LG Card dipped 0.51 percent to 48,900 won. The broader index ended up 0.98 percent.