(MENAFN) Saudi Arabia's Public Investment Fund (PIF) signed a USD1.11 billion transaction to acquire 38 percent of South Korean POSCO Engineering & Construction Co Ltd, Reuters reported.
The South Korean steelmaker is set to sell 10.8 million shares to PIF, added to 5.08 million shares already issued by the parent POSCO E&C. POSCO already enjoys a 90 percent stake in the parent firm.
POSCO E&C is presently aiming at unloading from its assets under management and match the downturn which the steel market is currently ailing from.
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