Funding needed by DMHI stands at more than $100 million, according to the local Economy Ministry. The means of securing the funds, which include direct cash contribution or new orders, will be negotiated with the foreign investor, Korea’s Daewoo Shipbuliding & Marine Engineering.
“In pursuit of (the $70 million contribution), Santierul Naval 2 Mai Mangalia is willing to accept a smaller stake in DMHI,” people close to the matter told MEDIAFAX.
DMHI is 50.99% owned by Daewoo Shipbuilding & Marine Engineering from South Korea. Other shareholders include Santierul Naval 2 Mai Mangalia (owned by the Romanian Economy Ministry) with a 48.99% stake, and three South Korean individuals.
Company officials could not be reached for comment by press time.
The Mangalia shipyard is the largest shipyard in Romania and in the Black Sea area, with an activity that involves some 7,000 employees.