PRESS DIGEST - South Korean newspapers - June 2

SEOUL, June 2 (Reuters) - The following is a summary of major South Korean newspapers on Tuesday, prepared by Reuters in Seoul. Reuters has not checked the stories and does not guarantee their accuracy.

CHOSUN ILBO

North Korea is likely to have built three to four long-range missiles, a government source said.

MAEIL BUSINESS NEWSPAPER

Kumho Asiana Group agreed with creditors including Korea Development Bank on Monday to sell Daewoo Engineering & Construction (047040.KS) if it fails to find new investors for Daewoo by July, said a creditor-side source. Under put-back options signed when Kumho took over Daewoo in 2006, the group will need up to 4 trillion won ($3.25 billion) by December to buy back shares from investors who provided funds for the acquisition.

DONG-A ILBO

North Korea has appointed Kim Jong-un, the youngest son of current leader Kim Jong-il, as the nation's next leader and officially announced the decision to its diplomatic offices overseas on Thursday, informed sources said.

THE KOREA TIMES

A reform panel of the ruling Grand National Party (GNP) may demand that party leaders resign en masse to soothe public sentiment following the death of former President Roh Moo-hyun, a group spokesman said Monday. Lawmakers of the ad hoc panel will also recommend that President Lee Myung-bak issue a public statement to express his sympathies and call for unity. ($1=1232.2 Won)