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FINANCIAL NEWS
Saudi fund, POSCO Engineering sign USD1.1b acquisition
23 Jun 2015
(MENAFN) Saudi Arabia’s Public Investment Fund (PIF) and POSCO Engineering and Construction Company signed an acquisition deal worth USD1.1 billion, through which the Saudi fund will acquire 38 percent of equity from the Korean firm, Arab News reported.
The contract includes an obligation to continue with premeditated procedures in Saudi Arabia, such as the founding of a Saudi joint venture firm in the field of engineering and construction.
Saudi plans to devote almost USD15 billion in the construction sector on strategic infrastructure projects in 2015, which highpoints the magnitude of this sector and its significance in making maintainable monetary growth.
“Signing the acquisition agreement is an important achievement that is in line with the Kingdom’s plans and directions to transfer knowledge, expertise and technology into Saudi Arabia,” the secretary general of the Public Investment Fund said.
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