SEOUL, March 28 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
The sale is expected to be closed by end of June, the Korea
Economic Daily reported on Friday, citing a high-ranking LNG
A spokesman for LIG declined comment.
($1 = 1071.5000 Korean Won)
(Reporting by Joyce Lee; Editing by Matt Driskill)