South Korea begins selling stake in Ssangyong Cement

South Korea begins selling stake in Ssangyong Cement
Published: 03 July 2006

Creditors of South Korea’s Ssangyong Cement have started the sale process of a 46 percent stake in the cement maker, officials at its creditors said.

"Four creditors formed a committee in charge of the sale," said Choi Doo-young, an official at Seoul Guarantee Insurance Corp., one of Ssangyong’s creditors. "We are in the early stage of the sale," he added.

An official at the state-run Korea Development Bank, who asked not to be named, said creditors have not yet set the timeframe on the deal.