KDB ups stake in DSME

KDB ups stake in DSME

The ongoing restructuring at South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) has seen lead creditor Korea Development Bank (KDB) up its holding in the yard. KDB now holds 79.04% of the yard’s shares, up from 49.74%. The bank’s actual number of shares it owns in DSME has decreased however to to 51,834,073 from 135,986,494.

KDB has pushed through a debt-to-equity swap at DSME in its latest bid to right the books at the yard which has been hit by a drop in orders as well as a huge accounting fraud scandal which forced it into a restructuring.

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.

Related Posts