South Korea’s POSCO Engineering said to sell $357 mln in shares to Saudi fund

02/06/2015 Argaam

South Korea’s POSCO Engineering & Construction Co. will issue new shares at $356.8 million to a special purpose company set up by Saudi Arabia's Public Investment Fund (PIF), Reuters has reported citing a statement from POSCO.

 

POSCO Engineering is 90 percent-owned by South Korean steelmaker POSCO Ltd., which has been planning to divest due to the steel market downtrend.

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