| South Korea's largest steelmaker POSCO said on June 16 that chairman Kwon Oh-joon signed a deal with the Gulf state’s Public Investment Fund (PIF) secretary-general Abdulrahman al Mofadhi, selling the 38 percent stake of POSCO Engineering and Construction (E&C) for 1.24 trillion won (US$1.12 billion).
The deal was known to be a move aimed at intensifying cooperation in infrastructure projects in the Middle East country as well as accelerating the corporate restructuring. The deal with Saudi Arabia’s sovereign wealth fund PIF includes a 26 percent stake owned by POSCO and a 12 percent share that POSCO E&C will get from issuing new shares...............................................Full Article: Source
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