Three bidders submit bids for Daewoo Engineering

SEOUL, Nov. 18 (Yonhap) -- Three potential overseas buyers have submitted bids
for a controlling stake in Daewoo Engineering & Construction Co., the
construction unit of South Korea's Kumho Asiana Group, financial sources said
Wednesday.
The sources said the three bidders are the U.S.-based AC Development Inc., Jabez
Partners Co. and a Russian company-led consortium.
The Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund owned by Abu
Dhabi, United Arab Emirates, teamed up with the Jabez Partners, the sources said.

Kumho Asiana Group said in a statement that it closed the final bids for the
stake in the construction unit and plans to pick the preferred bidder for it next
week.
On Oct. 5, Kumho Asiana came up with a shortlist of four candidates, including
ADIA, to buy a 50-percent stake plus one share in the builder.
The asset sale came at a time the South Korean group has been plagued by cash
shortages since it bought a 72.11 percent stake in the builder in June 2006.
ksnam@yna.co.kr
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