Posco to sell 10.8 million Posco E&C shares to PIF
Saudi fund signs deal to acquire 38pc stake in Posco
SEOUL, June 16, 2015
Saudi Arabia’s Public Investment Fund (PIF) has signed an agreement to acquire a 38 per cent stake in builder Posco Engineering and Construction (Posco E&C) for about 1.24 trillion won ($1.11 billion), Posco said yesterday.
Posco said in a statement that it will sell10.8 million shares it holds in Posco E&C to PIF, in addition to about 5.08 million shares Posco E&C is newly issuing to PIF, reported the Gulf Daily News (GDN), our sister publication.
The South Korean steel maker currently holds nearly 90 per cent stake in Posco E&C. - TradeArabia News Service
