[THE INVESTOR] The process of finding a new owner for Young Hwa Construction and Engineering kicked off on Sept. 9 with two bidders filing letters of intent.

On Sept. 9, two companies including UAMCO, submitted letters of intent for the bid, and the final bids will be submitted on Sept. 30.

UAMCO is a joint venture set up by local banks including the Korea Development Bank, Industrial Bank of Korea and Woori and Shinhan banks.

Young Hwa is currently wholly owned by Young Hwa Holdings, which is a special purpose company set up by MBK Partners.

Young Hwa’s operations have deteriorated since 2012, and on March 10, the revival process began.

By Choi He-suk (cheesuk@heraldcorp.com)