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Creditors to Sell Their 33% Stake in Samho

May 12, 2017 17:39|May 12, 2017 17:39
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Creditorsof Samho, a subsidiary of Daelim Group, decided to sell their 33-percent stakein the company. According to industry sources on May 11, Samho creditors,including Woori Bank and KEB Hana Bank, recently selected a lead manager tosell all of their 32.94 percent stakes in Samho. 

Thestakes to be sold off are those held by nine Samho creditors, including WooriBank, Hana Bank, Kookmin Bank, Nonghyup, Dongbu Securities, and KoreaDevelopment Bank. 

Samho,which ranks 27th among Korea's major construction companies as of 2016, wasacquired by Daelim in 1986. It was placed under a workout program in May 2009due to the failure of a massive project financing resulting from the globalfinancial crisis in 2008. 

Samhograduated from the workout program last year, with its operating profit risingfrom 28.8 billion won in 2014 to 40.1 billion won in 2015 and 74.9 billion wonin 2016. Even in the construction capacity ranking, Samho climbed up to No. 27last year from No. 31 in 2015 and No. 46 in 2014.