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Daewoo E&C Removed from KRW339 Billion Gangnam Redevelopment Project; Shares Plunge 11%

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Daewoo Engineering & Construction (KRX:047040) has been removed as a contractor for the Gangnam Wonhyoseong villa housing redevelopment project, according to a Tuesday filing with the Korea Exchange.

The contract was valued at 338.7 billion won. The company did not disclose a reason for the revocation of the contract. It intends to initiate legal proceedings, including filing a lawsuit, in connection with the revocation, the filing said.

Shares of Daewoo Engineering & Construction fell nearly 11% in recent trade.

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