GS Engineering and Construction confirmed Thursday that it was considering selling GS Inima, its Spain-based affiliate, to improve its financial health.
The builder took over a 79.6 percent stake in Inima, a Spanish builder that specializes in water desalination and treatment, in 2011 for $312.4 million.
“We hired HSBC Securities as a lead manager for the deal, but nothing has been decided yet about whether to auction off Inima,’’ the company said in a statement.
Industry watchers forecast that if the deal is completed, GS E&C could raise about 320 billion won ($316 million).
The builder has sought to sell noncore assets to make up for the 940 billion won in operating losses it suffered last year. The company is currently pushing to sell its Parnas Hotel in Samseong-dong, Seoul, which is valued at around 700 billion won.
