KDB, Asiana To Sell 37.6% Stake In Korea Express

Korea Development Bank said on Monday that it and Asiana Airlines Inc. will sell a combined 37.6% stake in Korea Express Co. (000120.SE), the largest logistics company, and aim to select a preferred bidder by May.

A KDB official, who declined to be identified, said to the Wall Street Journal that KDB has sent a teaser letter to 10 potential buyers regarding Korea Express sale. The companies which got the letter include South Korean conglomerates CJ Group, GS Group, Lotte Group and Samsung Group. Steelmaker Posco (005490.SE) also was among those that got a teaser letter, the WSJ reported.

The letter sent by Asiana and KDB has set a March 4 deadline for letters of interest for the Korea Express shares, from which they will set a shortlist of bidders. Preferred bidder for the shares will be picked in May, the KDB official said.

(아주경제 송지영 기자)

AJP