Views on BG | September 7, 2001, Friday // 00:00

By Dow Jones News Service

Daewoo Engineering & Construction Co. (Q.DWR) said Thursday in a disclosure to the Korea Stock Exchange that it agreed Wednesday to sell its hotel unit in Bulgaria for $23.5 million to a hotel company in Malta.

Daewoo Engineering owns a 67.05% stake in the Bulgarian hotel, Sheraton-Sofia Balkan AD, and has invested $2.4 million in the hotel separately.

Under the sale agreement, Daewoo Engineering will receive $21.1 million for its stake in the hotel and recoup $2.4 million it invested as well, the company said. Daewoo Engineering didn`t provide the name of the Malta-based buyer.

Daewoo Engineering said that the asset sale is part of its restructuring plan, aimed at improving its financial status.

Daewoo Engineering was spun off from Daewoo Corp. (Q.DWO) late last year and remains under a debt workout program, which the former parent company has been undergoing.

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