Seoul - South Korea's Kumho Asiana conglomerate said Monday it has settled on Abu Dhabi's Jabex Partners Co and TR America Consortium as preferred bidders for a majority stake in its construction unit, Daewoo Engineering & Construction Co. Kumho Asiana is to negotiate a deal for 50 per cent plus one share in the coming weeks. The deal is expected to fetch up to 3.3 trillion won (2.8 billion US dollars), the Yonhap news agency said.
According to media reports, Kumho Asiana is selling because of liquidity problems.
The consortium around Jabez Partners includes the Abu Dhabi Investment Council sovereign wealth fund.
Kumho Asiana, which also owns Asiana Airlines, South Korea's second-largest airline, acquired a 72.11-per-cent stake in Daewoo Engineering three years ago.
