Creditors of Kumho Industrial proposed higher sales price for a controlling stake in the firm than the Kumho Asiana Group chairman offered, sources said Friday.

During a meeting in the day, the state-invested Korea Development Bank and other 54 creditors agreed on selling the builder’s 50 percent stake plus one share for 722.8 billion won ($610 million), or 41,213 won per share.

“Creditors took account of the result of company’s valuation, market price and relative value over companies in the same line of business to calculate the price,” the KDB said.

The price is 18.1 billion won higher than the takeover offer by Kumho Asiana Group chairman Park Sam-koo who seeks to rebuild his fallen empire by acquiring his group’s de facto holding firm Kumho Industrial.

On Wednesday, Park raised his takeover offer to 704.7 billion won, up 8.4 percent from 650.3 billion won he previously suggested in August.

The takeover deal is crucial for the chairman to realize his plan to put former affiliates back together he lost control in a liquidity crisis. The multibillion-won deal would also entail control of Asiana Airlines, South Korea’s second-largest airline, through cross-shareholding.

The KDB needs at least a 75 percent vote from shareholders to approve the proposed price. It will put the price up to a vote by Sept. 18.

The deal is expected to be finalized by Dec. 30 if Park decides to exercise his buyback option at the creditor suggested price.

Shares of Kumho Industrial closed 3.45 percent higher at 19,500 won.

By Park Han-na (hnpark@heraldcorp.com)