| South Korean steelmaker, Posco has agreed to sell $1.1bn (£710m) worth of shares in Posco E&C to Saudi Arabia’s Public Investment Fund (PIF). The deal gives Posco a 38 per cent stake, made up of 10.8m shares in Posco E&C, plus the issuance of 5.1m new shares, it said in a statement.
The parent company has been seeking to offload assets to help cope with the steel market downturn. Posco will retail control, with a 53 per cent stake. It hopes that the foreign capital injection will help reduce Posco C&E’s debt ratio, which it has been working on for the past three years...............................................Full Article: Source
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