쌍용건설

- Ssangyong gets 44 billion won worth of asset backed loan-type project financing.
- An 80 billion-won private-fund project for construction of an environmental-friendly, multi-functional fishing port
- Ssangyong emerges as a leading builder in private-funded port projects, including the Yongho Bay Project in Busan and the Buk Port Project in Incheon


Daepo Port in Sokcho-city is developed as an environmental-friendly, multi-functional fishing port, the first of its kind in Korea.

On May 28, Ssangyong Engineering & Construction (President: Kim Suk-joon) announced the commencement of the private-funded project for development of Daepo Port, signing the 44 billion-won project financing agreement at the Westin Chosun Hotel, attended by representatives of Choheung Bank, the Industrial Bank of Korea, Samsung Life Insurance, LG Fire Insurance, Dongshin Construction and Daepo Port Development Co., Ltd.

The 80 billion-won project ordered by Sokcho City is comprised of a wharf, breakwater, fishing port facilities, park, shopping mall and parking lot, with the project period ranging from January 2004 through December 2009.

The ABL (Asset Backed Loan)-type private-funded project will be carried out in such a way as to have Sokcho City pay the price to Daepo Port Development Co., Ltd., a special purpose company established by Ssangyong with the profit from allocation of spaces and operation of the port for three years following completion of the work. Under the arrangement, Ssangyong can recover the fund earlier, regardless of profit from operation of the project, while Sokcho City secures the right to operation of the project and the benefit for local development without the burden of initial investment.

A Ssangyong official said, “The current trend is development of existing ports as multi-functional ones. We plan to continue to focus on ABL-type private-funded projects.”

Ssangyong emerges as a leading builder in private-funded port projects. This year, it is making preparations to promote the private-funded South Container Wharf in Busan New Port and the Gunsan-Janghang Port, in addition to being selected as a preferred bidder for private-funded projects, such as the Yongho Bay Project in Busan and the three-berth Buk Port Project in Incheon, last year.