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Once the mother
company of Daewoo conglomerate, reborn after
the liquidity crisis in 2001 as a general
trading firm, independent from the former
Daewoo affiliates, after a long period of
debt workout program, in which creditor
banks has injected public fund to rehabiliate
the company will soon come onto the list of companies
on sale.
Now, with the trading
company's management and financial structure
return to normal, as with its other former
sister companies, like Daewoo Construction,
Daewoo Machineries, Daewoo Shipbuilding,
and Daewoo Electronics, the creditors are
planning to sell its controling stakes in
the company having a numerous operations
across the globe, one of which is a gas field
off Myanmar's coastal sea.
As of
the end of the first quarter of 2004, the
company has total assets of 1,610 billion
won (approximately 1.39 billion US dollars,
at an exchange rate of 1,158 won against
one US dollar as on June 7, 2004), paid-in capital of 473 billion won,
and a net worth of 545 billion won.(approximately
0.47 billion US dollars). It achieved
net profits of 78 billion won in 2002,
54 billion won in 2003, and 23 billion won
in
the first quarter of 2004 out of sales revenues
of 3,517 billion won, 4,131 billion won
(approximately 3.57 billion US dollars)
and 1,245 billion won, in 2002, 2003 and
the first quarter of 2004, respectively.
The corporation
is listed with Korea Stock Exchange, and
its majority shareholders are Korea Asset
Management Corporation (KAMCO) (38.64 %), Korea
Export and Import Bank (11.62 %), Daewoo
Capital (7.16 %), and Korea Development
Bank (5.32 %), with the remaining held by
minoriry shareholders, private and institutional
investors.
International bidding
for Daewoo Machieries has been closed just
recently, whereby eight internaional bidders
are competiting to be nominated as a priority
negotiation bidder. The other former affiliates,
Daewoo Construction and Daewoo Ship Building
will call international tenders very soon.
One of the groups's former affiliate, Daewoo
Motors, was handed over to GM already,
which is now Daewoo GM.
Those who
have an interest will be provided with
detailed information by Korea Business Information
Services, Inc. (KBIS), which is a
group of former Daewoo executives. (e-mail to KBIS)
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