November 27, 2024

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Jungheung Group Vice Chairman and Daewoo E&C's new Chairman Jung Won-ju (Daewoo E&C)

Daewoo Engineering & Construction announced Friday that Jungheung Group Vice Chairman Jung Won-ju will become chairperson of the company, starting June 1.

Jungheung Group is the largest shareholder of Daewoo E&C with a controlling 50.75 percent stake after completing the acquisition process last year.

Daewoo E&C said the latest change in its leadership has been made to boost its business in overseas markets.

“The latest appointment as the company’s chairman will be a great support to the company’s overseas expansion,” an official from Daewoo E&C said. “(The leadership change) will help to guard against growing uncertainties and step up as a global construction company.”

According to Daewoo E&C, as chairman of the country's leading construction firm Jung will focus on finding untapped business opportunities abroad that can evolve into new growth engines for the company in the future.

After Jungheung’s acquisition of Daewoo E&C, Jung has been meeting with high-ranking government officials from foreign countries, including Vietnam, the Philippines, Uzbekistan, Turkmenistan, Nigeria and Oman to inspect Daewoo’s offices and to discover new business opportunities.

First on the agenda for Jung will be a business trip to Turkmenistan, where he will meet with high-ranking government officials. Jung is expected to discuss several state-led construction projects in Turkmenistan, including two fertilizer plants and an urban development project.

Daewoo E&C noted that no ceremony for Jung’s inauguration will be held.

In December 2021, Jungheung Group signed a deal to acquire a controlling 50.75 percent stake of cash-strapped Daewoo E&C. After the acquisition Jungheung became the third largest construction firm in South Korea.

Jungheung Group is also the parent company of Herald Corp., publisher of The Korea Herald.

By Shim Woo-hyun (ws@heraldcorp.com)