S.Korea's LIG Insurance attracts initial bids from Lotte, KB
SEOUL, March 28
SEOUL, March 28 (Reuters) - Lotte Shopping, KB Financial Group and private equity-backed Tong Yang Life Insurance were among companies that submitted preliminary bids for a controlling stake in LIG Insurance , which is seen to be worth around 400 billion won ($373.31 million) or above, the bidders said on Friday.
LIG Insurance said in November last year that some of its shareholders are considering selling a 21 percent stake in the insurer, which includes management control.
The stake was valued at around 393 billion won on the market as of Friday's closing price, without a management premium.
LIG Insurance is South Korea's fourth-largest general insurer with 2.04 billion won in assets as of September 2013.
Shareholders put the stake up for sale to raise funds to reimburse investors that lost money on faulty debt issued by a now-defunct construction affiliate of LIG Group, LIG said in November.
The sale is expected to be closed by end of June, the Korea Economic Daily reported on Friday, citing a high-ranking LNG Group official.
A spokesman for LIG declined comment.
($1 = 1071.5000 Korean Won) (Reporting by Joyce Lee; Editing by Matt Driskill)