The Korean government is planning to sell up to 15% to 20% of its stake in Daewoo Shipbuilding and Marine Engineering DSME during the fourth quarter. JPMorgan is believed to have been awarded sole books for a GDR which will raise between $200 million to $300 million based on today's Thursday market price of Won9170 per share.
The sell-down will consist of a combination of existing shares held by the Korea Development Bank KDB and Kamco. Currently, 31.1% of DSME's 198.3 million shares are in freefloat, with KDB holding 40.8%, Kamco 26.1% and other creditors the remaining 2%. The two acquired their stakes at Won7,845 in the autumn of 2000 via a debt-for-equity...
