Daewoo Shipbuilding & Marine Engineering (DSME) announced yesterday investment firm Franklin Templeton Investments Singapore has taken advantage of the Korean yard’s depressed share price to raise its stake to 10m shares to give it a 5.21% holding in the giant shipbuilder.
Franklin Templeton noted, “The purchase would have an influence on management of the investment target through exercise of minority equity to be operated in accordance with principles of corporate governance of the Organization for Economic Cooperation and Development (OECD) and the World Bank.”
It continued, “We have no intention to name directors of the investment target,” and added, “In some cases, however, we can endorse a competent candidate.”
DSME, rocked by the offshore downturn, has been forced to enter another period of significant restructuring in recent months.
