SEOUL, KOREA - Plasco has been selected as the preferred negotiating partner to acquire Pumyang Construction, the company under court receivership. Meanwhile, Dongyang Engineering & Construction, another construction contractor under a corporate rehabilitation program, has postponed selection of a preferred negotiating partner by a week from May 16. It is widely believed the preferred partner for Dongyang would be an individual investor who is a former construction company executive.
According to investment banking sources on May 16, Pumyang Construction has selected Plasco as its preferred negotiating partner after a main bidding on the 10th. Plasco, a small-sized construction contractor, had offered the bidding price of a little upward of 10 billion won.
As for the bidding of Dongyang E&C, it will be delayed by a week. In the main bidding held on May 10, two bidders including an individual investor and a construction company have participated as candidates. It is likely that the individual investor would be decided as the preferred negotiating partner as he had offered a price of 50 billion won, 5 to 10 billion higher than the price proposed by the rival.
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