KAMCO to invite bidders for Daewoo Int'l this month

SEOUL, Jan. 6 (Yonhap) -- The state-run Korea Asset Management Corp. (KAMCO) will
put Daewoo International Corp. for sale late this month as part of efforts to
offload state-owned stakes in the trading company, the company said Wednesday.

The national committee in charge of managing public funds plans to send
invitational letters to investors around Jan. 25, according to the debt clearer
and financial authorities.
KAMCO, the biggest shareholder in Daewoo International, a trading company which
is also focused on overseas resource development, has been moving to sell a 68
percent stake, jointly held by the state-run Korea Finance Corp., the national
pension fund and other state agencies. The stake is valued at 2.2 trillion won
(US$1.9 billion)
In the same invitation, the committee is also expected to put a 40 percent
holding in Kyobo Life Insurance Co. up for sale. The holding accounts for Daewoo
International's 24 percent share and KAMCO's 9.9 percent interest with 5.9
percent held by the Export-Import Bank of Korea.
KAMCO aims to select preferred bidders for the two companies by the first half of
this year.
Steel maker POSCO said in December it picked Macquarie Group Ltd., Woori
Investment & Securities Co., and Shinhan Investment Corp. to advise on its bid to
acquire the trading company.
pbr@yna.co.kr
(END)

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