Daewoo Engineering and Construction, South Korea’s largest builder, was put up for sale on Sunday, three years after it was sold to Kumho Asiana Group for $5bn. The move follows pressure on Kumho to find fresh investors in Daewoo to ease a liquidity crunch. Kumho has a 33% stake in Daewoo with management control. Financial investors hold a further 39%. Kumho wants to sell Daewoo through open auction but said it would also consider selling to a private equity fund to be set up by state-run Korea Development Bank, its main creditor.
