C&Heavy signs MOU on stake sale to Malaysian firm

SEOUL, March 24 (Yonhap) -- C&Heavy Industries Co., a financially troubled South
Korean shipyard, said Tuesday it plans to sign a preliminary deal to sell itself
to a Malaysian company.
The company did not reveal the name of the potential buyer or the value of the
deal under a confidentiality agreement.
Last week, it said it was seeking to find a buyer after its creditors, led by
Woori Bank, ended a debt workout program that started in December last year.
Meritz Fire & Marine Insurance Co., the largest shareholder of C&Heavy, proposed
in January that creditors sell their stakes in the shipbuilder.
Meritz Fire holds a 51.48 percent interest in the shipbuilder, followed by Korea
Export Insurance Co. with 21.48 percent and Woori Bank with 4.71 percent.
Lazard Asia Ltd. and Mirae Asset Securities Co. are advising the sale, it said.
sam@yna.co.kr
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