Taekwang Industrial had been the sole bidder in the final round but was passed over in June; it returns with a new strategic partner

A 50,000-ton petrochemical product carrier built by K Shipbuilding. [K Shipbuilding]
A 50,000-ton petrochemical product carrier built by K Shipbuilding. [K Shipbuilding]

Just two months after Uamco (Union Asset Management) relaunched the sale of K Shipbuilding, the likely buyer has come into focus. Taekwang Industrial is making a second run at the acquisition, this time with a new strategic investor at its side.

Taekwang Industrial disclosed Wednesday that it had signed a memorandum of understanding to acquire K Shipbuilding. The company formed a consortium with Hankuk Carbon and submitted a letter of intent on Sept. 11. Taekwang Industrial added that it "is reviewing the deal structure and terms in connection with the re-bidding process, but nothing has been finalized."

Uamco and KHI appointed Samil PwC as the sale manager in July 2025 and launched the formal sale process for K Shipbuilding. The stake on offer amounts to 99.6 percent — a 49.79 percent holding that Uamco controls through its special purpose company K Sunshine Holdings, combined with KHI's own 49.79 percent stake.

In March, Taekwang Industrial entered the final bid as the sole participant, forming a consortium with Osung Advanced Materials and Green Harbor Asset Management. Uamco and KHI declined to name that consortium the preferred bidder in June, however, and the deal fell through. Taekwang Industrial then teamed up with Kospi-listed Hankuk Carbon for a second attempt, signing a non-binding MOU Wednesday.

K Shipbuilding is a shipbuilder headquartered in Jinhae-gu, Changwon, South Gyeongsang Province, tracing its roots to Dongyang Shipbuilding, founded in 1967. STX Group took over management in 2001 and renamed it STX Shipbuilding. After going through a creditor-led workout in 2013 and court receivership in 2016, the company was sold to the Uamco-KHI consortium in 2021, which renamed it K Shipbuilding and began a turnaround effort.

K Shipbuilding posted sales of 708.1 billion won ($528 million) and an operating loss of 59.5 billion won through 2023, but returned to operating profit in 2024 and has continued to improve since. Last year it recorded sales of 1.26 trillion won and operating profit of 145.4 billion won. In the first half of this year alone, sales reached 683.4 billion won and operating profit 114.3 billion won, suggesting full-year earnings will improve sharply from a year earlier.


park.jiyeong@heraldcorp.com