Namkwang to raise US$33 mln via stake sale

By Nam Kwang-sik
SEOUL, June 16 (Yonhap) -- Namkwang Engineering & Construction Co., a mid-sized
South Korean builder, said Tuesday that it will raise US$33 million by selling
its stake in a joint venture in Angola and receiving dividends.
Namkwang Engineering established Namkwang International Engineering &
Construction Lda. (NIEC) jointly with Angolan real estate firm Riverstone Oaks
Corp. in 2006 in a bid to make inroads into the African market.
Namkwang Engineering said it plans to sell a 10 percent stake in NIEC to an
Angolan firm for $10 million, with its stake being lowered to 35 percent from 45
percent.
Namkwang Engineering also will receive a cash dividend of $13.6 million and
recover a loan of $9.4 million from NIEC.
Riverstone Oaks holds a 55 percent interest in the joint venture.
ksnam@yna.co.kr
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