Franklin Templeton ups DSME stake

Franklin Templeton ups DSME stake

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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