Three institutions make bids to acquire Ssangyong E&C

Three groups have participated in the acquisition of cash-strapped Ssangyong Engineering & Construction, according to industry sources on Wednesday.

The bidding process for Korea’s 19th-largest builder was managed by Woori Investment & Securities and Yeil Accounting Corp. and ended on Wednesday. Sources said that Korea’s SM Group, Steel & Resources and the Investment Corporation of Dubai, a sovereign wealth fund owned by the city government in Dubai, United Arab Emirates, made bids.

Industry insiders speculate that the price of Ssangyong E&C should be determined about 300 billion won ($273 million). The preferred bidder is expected to be chosen by the end of the month.