Doosan Engine plans to list shares on Seoul bourse in 2011

SEOUL, Dec. 10 (Yonhap) -- Doosan Engine Co., the world's second-largest ship
engine maker, said Thursday it plans to list its shares on the Seoul stock market
in 2011, when it expects the global shipping industry will recover.

"Our business is set to recover from 2011 as the global shipbuilding sector sees
stable growth, and our financial status will be stable down the road," said a
company official. "That year (2011) will be the right time for the stock market
debut."
The official added Doosan Engine will post a profit next year on an improved
balance sheet.
Doosan Engine, a unit of Doosan Heavy Industries & Construction Co. -- South
Korea's leading power equipment maker -- has been suffering losses since the
global economic crisis, triggered by the collapse of Lehman Brothers last year.
In the first nine months of 2009, the company suffered a loss of 283 billion won
(US$243 million), mostly from equity ties with affiliates and currency-related
losses. Last year, it posted a loss of more than 500 billion won.
In September, Doosan Heavy announced that it would buy 3.57 million shares of
Doosan Engine for 152 billion won to help its affiliate shore up its fragile
financial status.
sam@yna.co.kr
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