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Daewoo Shipbuilding & Marine Engineering Co., Ltd

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Daewoo Shipbuilding & Marine Engineering Co., Ltd Daewoo Shipbuilding & Marine Engineering Co., Ltd. (incorporated with limited liability under the laws of the Republic of Korea) 14,429,538 Global Depositary Shares Representing 28,859,076 Common Shares Offer Price: US$15.64 per GDS This is an offering of 14,429,538 Global Depositary Shares, or GDSs, representing 28,859,076 common shares, par value W5,000 per share, of Daewoo Shipbuilding & Marine Engineering Co., Ltd. (the “Company”). The GDSs are being offered by The Korea Development Bank and the Korea Asset Management Corporation, the Company’s two principal shareholders. The Company will not receive any proceeds from the sale of the GDSs by the selling shareholders. Each GDS represents two of the Company’s common shares. The common shares are listed and principally traded on the Korea Stock Exchange under the symbol “42660.KS”. On June 3, 2003, the last reported sale price of the common shares on the Korea Stock Exchange was W9,840 per share, equivalent to a price of US$8.15 per share, assuming an exchange rate of W1,207.5 to US$1.00. Prior to this offering, there has been no market for the GDSs. Application has been made to list the GDSs issued pursuant to this offering on the Luxembourg Stock Exchange, although there can be no assurance that the GDSs will be listed on any exchange at the time the GDSs are delivered to the initial purchasers or at any other time. The GDSs are expected to be designated for trading in the PORTALSM System of the U.S. National Association of Securities Dealers, Inc. and to be included for trading on the International Order Book, or IOB, system of the London Stock Exchange. One of the selling shareholders has granted to the initial purchasers an option to purchase up to an additional 961,953 GDSs, representing 1,923,906 common shares. See “Risk Factors” beginning on page 17 for a discussion of certain factors that prospective investors should consider before investing in the GDSs. The GDSs sold in this offering will be evidenced by a restricted master Global Depositary Receipt, or GDR, deposited with a custodian for and registered in the name of a nominee of The Depository Trust Company, or DTC, in New York, New York. The GDSs evidenced by the restricted master GDR will trade in DTC’s Same Day Funds Settlement System, and secondary market trading activity in those GDSs will therefore settle in immediately available funds. Except as described in this Offering Circular, beneficial interests in the restricted master GDR will be shown on, and transfers of those interests will be effected only through, records maintained by DTC and its direct and indirect participants. See “Description of Global Depositary Shares” and “Transfer Restrictions and Settlement”. Neither the GDSs nor the underlying common shares have been or will be registered under the U.S. Securities Act of 1933, as amended. The GDSs are being offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States under Regulation S. For a description of restrictions on transfers of the GDSs, see “Transfer Restrictions and Settlement” and “Plan of Distribution”. Neither the U.S. Securities and Exchange Commission nor any state securities commission in the United States has approved or disapproved of these securities or passed upon the adequacy or accuracy of this Offering Circular. Any representation to the contrary is a criminal offense. The initial purchasers are offering the GDSs subject to various conditions. See “Plan of Distribution”. It is expected that delivery of the GDSs will be made in book-entry form only in New York, New York on or about June 9, 2003, through the facilities of DTC, against payment therefor in immediately available funds. Joint Global Coordinators JPMorgan Goldman Sachs (Asia) L.L.C. Joint Bookrunners Goldman Sachs (Asia) L.L.C. JPMorgan Co-Lead Managers Daewoo Securities Co., Ltd. KDB Ireland Limited Co-Managers Citigroup Credit Suisse First Boston ING Bank N.V. Offering Circular dated June 3, 2003 TABLE OF CONTENTS Page Offering Circular Summary ............................................................... 7 Risk Factors ........................................................................... 17 Use of Proceeds ........................................................................ 28 Market Price Information ................................................................. 28 Dividends ............................................................................. 29 Exchange Rates ......................................................................... 29 Capitalization .......................................................................... 30 Selected Financial and Other Information .................................................... 31 Management’s Discussion and Analysis of Financial Condition and Results of Operations ............. 35 Business .............................................................................. 56 Property ............................................................................... 69 Legal and Regulatory Proceedings .......................................................... 70 ManagementandEmployees .............................................................. 71 PrincipalShareholders ................................................................... 76 Related Party Transactions ................................................................ 77 Selling Shareholders ..................................................................... 78 Description of Capital Stock ............................................................... 79 Description of Global Depositary Shares ..................................................... 84 Information Relating to the Depositary ...................................................... 96 The Korean Securities Market ............................................................. 97 Korean Foreign Exchange Controls and Securities Regulations ................................... 102 Taxation .............................................................................. 106 Plan of Distribution ..................................................................... 111 Transfer Restrictions and Settlement ........................................................ 115 Legal Matters .......................................................................... 119 IndependentAccountants................................................................. 119 General Information ..................................................................... 120 Summary of Significant Differences between Korean GAAP and U.S. GAAP ....................... 121 Definitions and Glossary ................................................................. D-1 Index to Financial Statements .............................................................. F-1 In making their investment decision, prospective investors should rely only on the information contained in this Offering Circular. The Company, the Selling Shareholders (as described herein) and the Initial Purchasers (as described herein) have not authorized anyone to provide prospective investors with any other information. If prospective investors receive any other information, they should not rely on it. The Selling Shareholders and the Initial Purchasers are offering to sell the GDSs only in places where offers and sales are permitted. Prospective investors should not assume that the information contained in this Offering Circular is accurate as of any date other than the date on the front cover of this Offering Circular. No person is authorized in connection with any offering of the GDSs to give any information or make any representation other than as contained in this Offering Circular and, if given or made, such information or representation must not be relied upon as having been authorized by the Company, by either Selling Shareholder or by any of the initial purchasers whose names appear in “Plan of Distribution”, referred to as the Initial Purchasers. This Offering Circular does not constitute an offer to sell or a solicitation of an offer to buy any GDSs or the common shares by any person except in transactions conducted in compliance with all applicable laws and regulations. No representation or warranty, express or implied, is made by the Initial Purchasers or any of their affiliates or advisers as to the accuracy or completeness of the information contained herein, and nothing 3 contained in this Offering Circular is, or shall be relied upon as, a promise or representation by the Initial Purchasers or their affiliates or advisers. Neither the delivery of this Offering Circular nor any sale made hereunder shall under any circumstances imply that the information herein is correct as of any date subsequent to the date hereof or constitute a representation that there has been no change or development reasonably likely to involve a material adverse change in the affairs of the Company or its subsidiaries since the date hereof. The distribution of this Offering Circular and the offering of the GDSs and the common shares in certain jurisdictions may be restricted by law. It may not be used for or in connection with any offer to, or solicitation by, any person in any jurisdiction in which it is unlawful to make such an offer or solicitation. Persons into whose possession this document may come are required by the Company, the Selling Shareholders and the Initial Purchasers to inform themselves about and to observe such restrictions. No action is being taken
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