Ssangyong E&C jumps as final bidder selection nears

SEOUL, July 4 (Reuters) - Shares in Ssangyong Engineering & Construction (012650.KQ: Quote, Profile, Research) surged Friday on reports that a preferred bidder for the medium-sized South Korean builder may be picked next week.

State-run restructuring agency Korea Asset Management Corp (KAMCO), the firm's top creditor with an approximately 39 percent stake in Ssangyong, confirmed with Reuters that the prefered bidder for the company is to be selected on July 11 and the final bidder was scheduled to be chosen by the end of August.

Shares in Ssangyong were up 13.48 percent to 20,200 won as of 0539 GMT.