Daewoo Motor Sales to sell its shares in Woori Capital

SEOUL, March 25 (Yonhap) -- Daewoo Motor Sales Corp. said Wednesday it plans to sell part of its shares in Woori Capital to increase its liquidity.

The company that handles sales of cars made by GM Daewoo, the local affiliate of
embattled global carmaker GM, said it may move to sell 30 percent of its 76
percent stake in the financial firm.
Efforts are underway to find a buyer that can share responsibility for
management, said the company. Daewoo pointed out that the move was announced in
January, when it issued corporate bonds that were bought by the state-run Korea
Development Bank.
In addition, the Incheon-based company said that instead of engaging in the
Songdo development project alone, it will try to form a consortium to build
another development in the port city that lies 40 km west of Seoul. Such a move
would entail partial concession of the company's construction rights.
Songdo is a new neighborhood being built in Incheon, featuring new high-rise
apartments and modern commercial buildings.
yonngong@yna.co.kr
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