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KOREA'S DLP TO REQUEST HALT TO SALE OF DAEWOO HEAVY INDUSTRIES.
SEOUL, May 3 Asia Pulse - South Korea's progressive Democratic Labor Party (DLP) plans to request the government Monday to suspend the sale of Daewoo Heavy Industries & Machinery Co. (KSE:42670), sources said Sunday.
The Korea Asset Management Corp. (KAMCO) is pushing to sell 27.98 per cent out of its 35.96-percent stake in the machinery maker, a former unit of the now defunct Daewoo Group, in a bid to recover public funds pumped into the company after the group's collapse in 2000.
KAMCO is the largest shareholder of Daewoo Heavy Industries & Machinery, followed by the state-run Korea Development Bank with 21.91 per cent.
According to the sources, DLP officials are scheduled to visit the Public Funds Oversight Committee to make the request.
In the request, the party will ask why the ...
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Source: HighBeam Research, KOREA'S DLP TO REQUEST HALT TO SALE OF DAEWOO HEAVY INDUSTRIES.