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Dubai fund becomes new owner of Ssangyong E&C

All News 21:09 January 29, 2015

SEOUL, Jan. 29 (Yonhap) -- A sovereign wealth fund owned by the government of Dubai, United Arab Emirates (UAE), on Thursday officially became the new owner of Ssangyong Engineering & Construction Co., a leading South Korean builder which has been under court receivership since early 2014.

Ssangyong said it has formally signed a deal to sell its controlling stake to the Investment Corporation of Dubai (ICD), a month earlier than planned. The deal was made following seven failures to sell the builder since November 2007.

The value of the deal was not revealed, but the ICD was said to have offered around 200 billion won (US$182.6 million) to purchase the country's 19th-largest construction firm.

With the latest deal, Ssangyong is expected to end its court receivership in late March.

The ICD managing asset worth 175 trillion won has an estimated 30 subsidiaries including Emaar Properties, which owns the world's highest building Burj Khalifa.

ksnam@yna.co.kr
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