Employees will jointly own and run Korea Engineering Consultants Corp. (KECC), an affiliate of Hanjin Heavy Industries & Construction Co., the first type among Korean listed entities.

According to its lead manager NH Investment & Securities Wednesday, the employee stock ownership association (ESOA) beat out the other bidder to be chosen as the preferred candidate to acquire a 67.05 percent stake held by Hanjin Heavy Industries & Construction Holdings Co. The deal is estimated at around 700 billion won ($62 million).

The first employee-owned listed company will be born after the association completes the payment.

By Chun Gyung-woon and Yoo Tae-yang

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]