Daewoo Shipbuilding & Marine Engineering Construction Receives Ministerial Commendation for 'Win-Win Growth'... "Will Cooperate for Mutual Growth with Seongji Construction"

[Asia Economy Reporter Jang Hyowon] Daewoo Shipbuilding & Marine Engineering Construction (Chairman Kim Yongbin), which recently acquired Seongji Construction, received a commendation from the Minister.

Daewoo Shipbuilding & Marine Engineering Construction, a subsidiary of KOSDAQ-listed Korea Technology, announced that it received the Minister of SMEs and Startups Commendation (Merit Category) for contributing to mutual growth and win-win cooperation at the 17th Construction Cooperation Promotion Awards held on the 13th.

The company was recognized for preventing unfair practices in advance by processing contracts and various certification documents with subcontractors through an electronic procurement system, and for introducing and establishing an electronic payment system based on 100% cash payments.

Additionally, it strengthened financial support for partner companies by reducing the stamp tax burden rate from 50% to 30%, and contributed to improving the overall image of the construction industry by conducting outsourced job training for areas where human resource investment was difficult.

Seo Boknam, CEO of Daewoo Shipbuilding & Marine Engineering Construction, said, “Win-win cooperation with partner companies is essential to leap forward as a world-class construction company,” adding, “We will achieve mutual growth management by joining forces with the employees of not only Seongji Construction, our recent largest shareholder, but also our partner companies.”

Since the current management acquired the company, Daewoo Shipbuilding & Marine Engineering Construction has succeeded in structural reform focused on the sales sector, and experienced a sharp upward trend with financial stabilization through the full-scale introduction of ESG management.

The annual new order volume, which was around 200 billion KRW, rapidly increased to 740 billion KRW in 2020 and reached about 1 trillion KRW in the first half of 2021 alone, with credit ratings rising by 2 to 3 levels regardless of public or private sectors.

In particular, it recently became the largest shareholder by acquiring 4,168,055 registered common shares (29.28%) of Seongji Construction, and attracted industry attention by raising its annual order target twice this year from the original 1.5 trillion KRW to 2.2 trillion KRW.

This content was produced with the assistance of AI translation services.