A mid-sized builder and a consortium led by a property developer submitted preliminary bids to buy a controlling stake in Daewoo Engineering & Construction Co., Ltd. (KOSE:A047040) from an investment fund under the state-run Korea Development Bank (KDB), people familiar with the matter said June 25, 2021. The bidders are Jungheung Construction and the consortium made of DS Networks Co., Ltd. and SkyLake, a leading technology private equity firm, they said. Lead manager Bank of America Merrill Lynch received the bids from the two prospective buyers for a 50.75% stake in Daewoo E&C held by KDB Investment Co., a private equity firm controlled by the state-run lender, they said. The stake up for sale in Daewoo Engineering is valued at around KRW 2 trillion (USD 1.7 billion). KDB Investment reportedly plans to pick a preferred bidder in July and complete the sale of Daewoo E&C by the end of the year. KDB Investment did not make any official comment on the bids.