24/10/2017 14:13 AST

Leading international giants in the energy and construction sector such as state-run Saudi Aramco; China State Construction Engineering Corporation (CSCEC) and Malaysian energy giant Petronas are among the potential bidders eyeing a major stake in Daewoo Engineering & Construction (E&C), said a report.

The race for the takeover bid began soon after the Korea Development Bank (KDB) posted a sales notice of its 50.75 per cent stake in Daewoo E&C earlier this month, reported Korea Times.

Industry officials said a foreign company will likely win the bid as the price is expected to hit 2 trillion won ($1.7 billion).

According to the current share price, KDB’s stake will be valued at around 1.5 trillion won, and the state-run bank can ask for premiums for management rights, stated the Korean daily.

All three - Saudi Aramco, CSCEC and Petronas - are said to be keen on grabbing the Daewoo (E&C) stake and are still conducting negotiations, said the report citing sources familiar to the issue. However they have not made any official announcement, it added.

According to sources, both Petronas and China's CSCEC are lobbying officials of the ruling Democratic Party of Korea. On the other hand, Aramco’s strategy is slighly different - offering a higher bidding price than its competitors instead of lobbying politicians, they added.

KDB has decided to sell the construction company at market price regardless of its book value, if a proper bidder shows up. The bank said it will choose the preferred bidder early next year, according to the Korea Times.

Mirae Asset Daewoo and Bank of America Merrill Lynch are jointly managing the sale, it added.


Trade Arabia

SNC-Lavalin wins Saudi Aramco gas plant contract

19/04/2018

SNC-Lavalin, a leading engineering and construction group, said it has been awarded a multimillion-dollar contract by state oil giant Saudi Aramco to install additional facilities at its Wasit Gas pl

Trade Arabia

Debate over $2tr Aramco IPO valuation hots up

18/04/2018

The revelations by Bloomberg of hitherto confidential details of the financial status of Saudi Aramco confirm a lot of what we thought we knew about the world’s biggest oil company. But they also lea

Arab News

Saudi Aramco says Jizan facilities safe after Houthis claim attack

12/04/2018

Saudi Aramco said on Wednesday its facilities in the southwestern province of Jizan were operating “normally and safely” after Yemen’s Houthi movement said it launched a drone strike on a facility be

Arab Times

Ticker Price Volume
ARNB 31.98 539,230
SABIC 122.68 5,734,708
ALMARAI 58.75 944,956
STC 84.70 524,100
JARIR 171.05 127,932
SACO 133.57 43,858
HERFY 48.88 212,506
Etisalat is region’s most valuable brand — report

22/04/2018

Abu Dhabi-based telco Etisalat has been named as the region’s most valuable brand for 2018, rising by 40 percent to $7.7 billion in the past year, according to consultancy Brand Finance, with leading

Arab News

Al Khaliji posts 5.3% rise in its net profit to QR169.6mn in 1st quarter

22/04/2018

Al Khalij Commercial Bank’s (Al Khaliji) net profit in the first quarter of 2018 stood at QR169.6mn, representing a 5.3% increase over the same period last year, it was announced yesterday.

Gulf Times

Aldar starts handover of two prime UAE properties

22/04/2018

Aldar Properties, a leading UAE-based real estate developer, said it has started the handover of two of its premium developments in Abu Dhabi - Nareel Island and Al Merief.

Nareel Island

Trade Arabia

Bahrain's Investcorp sells Dutch precision component manufacturer

20/04/2018

Investcorp, the Bahrain-based alternative investment firm that has US$21.3 billion in assets under management sold Veco Precision, a Netherlands-based manufacturer of high-precision metal components,

The National

Dana Gas plans to postpone decision on dividend

20/04/2018

Dana Gas said on Thursday it planned to postpone the decision on the previously recommended 5 per cent cash dividend payment.

The board, at its meeting on the March 14 had taken the positi

Gulf News