Daewoo International to set up Australian unit

By Nam Kwang-sik
SEOUL, Aug. 25 (Yonhap) -- Daewoo International Corp., a South Korean trading
company, said Tuesday that it will establish an Australian unit to buy a 5
percent stake in a coal mine in the country.
The subsidiary, named Daewoo International Australia Holdings Pty Ltd., will be
capitalized at 116.3 billion won (US$93.2 million), Daewoo International said in
a regulatory filing.
The Narrabri coal mine, owned by Whitehaven Coal Ltd., an Australian mining
company, is located in the eastern part of the country.
Daewoo International and the state-run Korea Resources Corp. signed a
preliminary deal early this month to buy a 7.5 percent stake in the coal mine
for 129 billion won.
ksnam@yna.co.kr
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