Shipbuilders DSME Not For Sale to Foreign Companies

Seoul will not sell Daewoo Shipbuilding & Marine Engineering (DSME) to a foreign company to avoid any possible leakage of technologies reports 'Korea Times'.

The response comes after a Russian consortium led by the state oil company OAO Rosneft recently expressed an interest in acquiring a stake in the world’s third-biggest shipbuilder by sales. The consortium also includes Gazprom, Russia’s state-run gas provider and Sovkomflot, Russia’s state-owned shipping company.

The state-run Korea Development Bank owns a 31.46 percent stake in the Daewoo shipyard, followed by the FSC with 12.15 percent and the remaining 43.61 percent held by foreigners, institutions and individual shareholders.

According to Korea Times, for a multinational company to acquire Daewoo Shipbuilding which also builds submarines and warships, it requires an approval from the Ministry of Trade, Industry and Energy.

Source: Korea Times