Daewoo Shipbuilding & Marine Engineering will be put up for sale in the first half of next year as Korea Development Bank, the largest shareholder of the builder, decided to sell its shares.

KDB decided to sell off its 31.46 percent share of DSME’s stocks through an open bid early next year but the detailed date is yet to be announced, according to the report submitted last week by the KDB to Rep. Kim Han-pyo of the ruling Saenuri Party.

“Considering the ongoing slump of the shipbuilding industry, KDB will first review the trend of the domestic merger and acquisition market (before confirming the details of the sales),” the report said.

Once the sale announcement is made, due diligence will be completed during the following six months.

“DSME plays a key role not only in Geoje, South Gyeongsang Province, where its shipbuilding yard is located, but also in Korea’s overall economy,” said the lawmaker.

“KDB should thus refrain from pursuing only financial profit, and ensure that the sale takes place in the best interest of the nation.”

By Bae Hyun-jung (tellme@heraldcorp.com)