State-run KDB sells over 3 mln shares of Doosan Heavy

SEOUl, March 13 (Yonhap) -- The state-run Korea Development Bank (KDB) has sold
3.6 million shares of Doosan Heavy Industries Co., the country's leading
power-equipment maker, industry sources said Friday.
According to the sources, the lender sold the shares at a discounted price of
54,600 won (US$37) each, 5.8-percent lower than Thursday's closing price, in a
block deal to local and foreign investors.
In December, KDB also sold 1 million shares of Doosan Heavy.
The remaining 7.4 million shares owned by KDB are also expected to be unloaded in
the near future as the lender is seeking to funnel financing into smaller
companies, according to the sources.
KDB and the state-run Korea Asset Management Corp. (KAMCO) took over Daewoo Heavy
Industries Co. in 2000 following the collapse of its parent Daewoo Group in the
wake of the financial crisis that hit the nation in late 1997.
The two agencies sold a 51-percent stake in Daewoo Heavy Industries Co. for 1.89
trillion won in 2005 to Doosan Group.
Shares of Doosan Heavy were trading at 58,700 won on the Seoul bourse as of 10:21
a.m., up 1.21 percent.
sam@yna.co.kr
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