[Doosan Infracore]
South Korean’s troubled Doosan Infracore will float its construction vehicle affiliate Doosan Bobcat Inc in the latest move to improve its liquidity position.
Doosan Infracore holds a 75.5 percent stake in Doosan Bobcat, a holding company that controls U.S. machinery maker Bobcat
In a regulatory filing, Doosan Infracore said Doosan Bobcat will seek an initial public offering in the South Korean market within this year but did not give further details including how much the deal might raise.
The news sent shares in Doosan Infracore soaring by about 10 percent in the morning session.
The company has recently decided to spin off its machine tools business as company’s debts kept increasing amid a protracted construction market slump in China. MBK Partners, a Seoul-based private equity fund, has been named as the preferred bidder for the sale of its Doosan Machine Tools Corp.
The company reported a combined net loss of 246.5 billion won (202 million US dollars) between January and September last year while its debt-equity ratio has surged 230 percent. It laid off more than 1,500 employees last year.
BY Alex Lee
reporter
Park Sae-jin
swatchsjp@ajunews.com
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