| Public Investment Fund, Saudi Arabia’s sovereign wealth fund, is forecast to take a big stake in POSCO Engineering & Construction. “The deal is included in a comprehensive partnership agreed between PIF and POSCO,’’ a company official said on Wednesday.
Both parties signed a memorandum of understanding to form a joint partnership at a meeting on the sidelines of President Park Geun-hye’s visit to Saudi Arabia with leaders of South Korean businesses. The deal is valued at around 1.5 trillion won ($1.36 billion), as there is speculation that the steelmaker is seeking to sell a 40 percent stake in its construction arm to raise funds to improve its financial health, capital market watchers said...............................................Full Article: Source
|