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S. Korea’s POSCO to sell stake to Saudi PIF for USD1.08b

14 Jun 2015

(MENAFN) Industry source said that South Korea’s steelmaker POSCO Co. will sign a deal with Saudi Arabia’s sovereign wealth fund to sell its stake in its main construction unit, Yonhap News reported.

The deal with Saudi Arabia’s Public Investment Fund (PIF) calls for POSCO to sell a 38 percent stake in POSCO Engineering and Construction Co. for USD1.08 billion, the industry source said.

Up for sale is a 25 percent stake owned by the steelmaker in POSCO E&C and a 13 percent holding that the construction unit will have by issuing new shares, the source said, asking not to be identified.

“A stock purchase agreement (SPA) will be inked between the two parties early this week,” the source told Yonhap News Agency, disclosing that the signing is scheduled on Monday.

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