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Doosan Heavy picks preferred bidder for golf course

Industry 15:38 June 29, 2020

By Nam Kwang-sik

SEOUL, June 29 (Yonhap) -- Doosan Heavy Industries & Construction Co. said Monday that it has singled out a group led by Hana Financial Investment Co. as the preferred bidder for a golf course up for sale.

Power plant builder Doosan Heavy has been seeking to sell non-core assets to tide over a liquidity crunch.

This photo shows a passerby walking past a logo of Doosan Group in front of the group's building in Seoul. (Yonhap)

The consortium, which put up a bid price of 100.8 billion won (US$84.1 million) for the golf course, will scrutinize the books of the golf course for two weeks, the company said.

Doosan Heavy said it will complete the deal within July.

The heavy industry-focused Doosan Group has been implementing a self-rescue plan to pay its 3.6 trillion-won debt extended by its main creditors Korea Development Bank and the Export-Import Bank of Korea.

Doosan Heavy plans to repay about 1 trillion won of its debts within this year by selling assets, including its 36 percent stake in construction equipment maker Doosan Infracore Co.

Doosan Corp., the parent of the power plant maker, also will sell its business divisions including oil pressure machine maker Doosan Mottro and its affiliates such as copper foil maker Doosan Solus Co. and venture capital firm Neoplux Co.

ksnam@yna.co.kr
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