Doosan Heavy to raise 2.2 trillion won from asset sale

Doosan Heavy Industries & Construction Co. (DHIC) will expedite its self-rescue plan by raising 2.2 trillion won in the sale of Doosan Engineering & Construction Co., its stake in Doosan Infracore Co., and new shares worth 1.3 trillion won.

DHIC owns Doosan Engineering and has a 36 percent stake in Doosan Infracore, the group's construction equipment maker.

Last March, DHIC received a cash injection of 3 trillion won from its creditors, which should be paid within this year.

Doosan Group vowed to repay 1 trillion won in debts by the end of the year by selling its assets.

The power plant builder has since sold its 27-hole golf course Club Mow for 185 billion won and venture capital firm Neoplux Co. for 73 billion won.

Doosan Group's holding company, Doosan Corp., sold its 18.05 percent stake in battery foil maker Doosan Solus Co. for 238 billion won, with 34.88 percent held by key stockholders, including Doosan Group Chairman Park, sold for 460 billion won.

Doosan also sold its business division and oil pressure machine maker Doosan Mottrol for 453 billion won, Doosan Group said.

The group is also set to sell its headquarters building Doosan Tower in downtown Seoul for 800 billion won next Monday.