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Korea Asset Management Corp News

25 Jan 2017

Korean Government to Fund HMM Vessels

South Korean shipping unit will purchase Hyundai Merchant Marine (HMM) vessels for USD 515 million and lease them back to the container carrier at favorable charter rates as part of a state aid program. Korea Shipping Co., a new entity servicing troubled shippers will act as a shipping bank to buy vessels from shippers to lease them back to help them out of financial troubles, was launched on Tuesday on initial paid-in capital of 1 trillion won. HMM will become the first beneficiary of the Korean government rescue schemes for shipping through the Korea Shipping Co. HMM also under state bank management is being groomed to take the place of Hanjin Shipping. “We are coordinating the funding plan upon specific support request from HMM.

10 Sep 2008

Bids Submitted for Daewoo

POSCO and three other South Korean companies submitted their formal bids Tuesday for Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipyard, a state-run bank said. Korea Development Bank (KDB) and state-run Korea Asset Management Corp. (KAMCO) are seeking to sell a combined 50.4 percent stake in the shipyard, which they bailed out in 2000 after its parent Daewoo Group collapsed under a mountain of debt. KDB said it will pick a preferred bidder in October after allowing POSCO, Hyundai Heavy Industries Co., GS Group and Hanwha Group to conduct a due diligence on Daewoo Shipbuilding for three weeks starting next week.

26 Aug 2008

Hyundai to Make a Bid for Daewoo

Hyundai Heavy Industries Co. plans to bid for a $3.1b controlling stake in Daewoo Shipbuilding & Marine Engineering Co. reports said. A preliminary offer will be submitted Wednesday. The preferred bidder will be announced in September and the sale will be completed by the end of October, according to the policy lender. Hyundai Heavy will compete with Posco, GS Group and Hanwha Group for the 50.4 percent holding being sold by state-run Korea Development Bank and Korea Asset Management Corp. Source:  Bloomberg

21 Aug 2008

Bidders Sought for Daewoo Shipbuilding

Creditors of Daewoo Shipbuilding & Marine Engineering Co Ltd are formally seeking bidders for a 50.4 percent stake by next Wednesday, Reuters said. Korea Development Bank (KDB) and state-run Korea Asset Management Corp are the offering 96.4 million shares they hold in Daewoo Shipbuilding, according to an invitation notice carried in early Friday edition of the Korea Economic Daily. As expected, the notice specified that a bidder must meet the legal requirements to invest in the defence industry, a condition that effectively rules out foreign contenders. The deal is expected to fetch up to $8 billion, more than double its current market valuation, due to competition from local conglomerates seeking a new growth engine and strong earnings prospects for Daewoo.   Source:  Reuters

27 Mar 2008

KDB Starts Sale of Daewoo Shipbuilding

Daewoo Shipbuilding & Marine Engineering, one of 's "big three" takeover targets, has been put up for sale. The other two prime takeover targets are Hyundai Engineering & Construction and Hynix Semiconductor, Chosun reported. The Korea Development Bank said it has begun searching for a manager to sell Daewoo Shipbuilding with an aim to select a preferred bidder by August. After Daewoo Group was dismantled in 1999, the shipbuilding business was managed by creditors. The business graduated from its debt workout program in 2001 and has since been managed by the KDB and the Korea Asset Management Corp., which hold a combined stake 50.4 percent. KDB holds 31.3 percent and KAMCO 19.1 percent.