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Gaw Capital enters binding bid for S.Korea's Parnas Hotel-sources
July 17, 2014 / 8:32 AM / in 3 years

Gaw Capital enters binding bid for S.Korea's Parnas Hotel-sources

SEOUL, July 17 (Reuters) - Hong Kong-based private equity firm Gaw Capital Partners entered a binding bid for a controlling stake in South Korea’s Parnas Hotel Co Ltd, seen worth around 600-800 billion won ($583.12-$777.49 million), two people with direct knowledge of the matter said on Thursday.

Majority shareholder GS Engineering & Construction is selling its 67.6 percent stake in the hotel operator, which had a book value of around 473.5 billion won as of end-2013.

The people declined to be identified as the bidding process was confidential. A spokesman for GS E&C declined to comment.

$1 = 1,028.95 Korean won Reporting by Joyce Lee; Editing by Matt Driskill

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