The state-backed Korea Development Bank (KDB) has agreed to sell a major shareholding in Daewoo Shipbuilding & Marine Engineering (DSME) to the South Korean Hanwha Group.

The KDB has been in control of DSME for over two decades through its 55.7% shareholding in the shipbuilder.

It appears the South Korean government has wasted no time in finding a buyer of financially stricken shipyard after a high-profile, 51-day-long industrial action earlier this year.