S. Korea's Daewoo bags overseas investment funding

Daewoo International Corp. signed a deal with a private equity fund to invest US$180 million in its future overseas resource development.

The deal will enable Daewoo International to secure funding for overseas investment projects without imposing a burden on its own finances, the company said.

The money, which will come from the Devonian Fund set up by Korea Investment & Securities Co., will be used for its overseas exploration of natural resources, Daewoo International said.

"The investment deal comes as institutional investors have full trust in the successful overseas investment experiences and professionalism of Daewoo International," a company official said.

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