South Korea's Kumho Asiana Group said on Sunday it had decided to put Daewoo Engineering and Construction Co up for a sale to ease investors worries about its liquidity.
Kumho Asiana may consider various ways to unload Daewoo including a sale of a 39 percent stake held by financial investors with management rights, a sale of a 50 percent stake plus one share, or a sale of a 72 percent stake owned by the group and financial investors.
The group has a stake of about 33 percent in Daewoo with financial investors holding 39 percent and the rest free-floating shares. It bought Daewoo for about 6.4 trillion won ($5.01 billion) in 2006. The concerns deepened as the global financial crisis delayed its announced plans to raise 4.55 trillion won by selling non-core assets.