Ssangyong E&C-sale
S. Korean firm in talks to buy Ssangyong E&C from Dubai fund
SEOUL, June 2 (Yonhap) -- GLOBAL SAE-A, a South Korean textile business group, has been in talks with the Investment Corporation of Dubai (ICD) to buy Ssangyong Engineering & Construction Co., industry sources said Thursday.
The value of the deal was not revealed, but the sources said a massive rights offering is being discussed for the deal. The deal may be finalized before August, they said.
ICD wholly bought Ssangyong E&C in 2015 for 180 billion won. At that time, Ssangyong was the country's 19th-largest construction firm.
Ssangyong E&C, the builder of the Marina Bay Sands hotel in Singapore, has been focused on overseas construction projects, with its sales reaching 1.4 trillion won (US$1.12 billion).
For the year, Ssangyong E&C aims to garner 2.9 trillion won in orders and 1.57 trillion won in sales.
GLOBAL SAE-A has expanded its business portfolio through a series of mergers and acquisitions. Last year, the company's sales reached 4.2 trillion won.
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