S.Korea to allow foreign investment in Daewoo Ship

Analysis

South Korea said on Monday it will invite foreign investment in the sale of government shares in Daewoo Shipbuilding & Marine Engineering and other domestic firms to boost foreign currency liquidity.

“(The government) will make every effort to attract an appropriate level of foreign investment in the process of selling shares in restructuring companies,” Jun Kwang-woo, chairman of the Financial Services Commission, told reporters in a briefing. “This will apply to Daewoo Shipbuilding, although a formula or details will depend on creditors.” (Reuters)

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