Saudi fund inks $1.1 bln deal to buy stake in POSCO unit

15/06/2015 Argaam

Saudi Arabia’s Public Investment Fund (PIF) signed an agreement to buy a 38 percent stake in South Korea’s POSCO Engineering & Construction Ltd. for $1.11 billion, POSCO, the parent company, said on Monday, according to a report carried by Reuters.

 

POSCO, the Korean steel maker, will sell to PIF 10.8 million shares in its subsidiary, POSCO E&C, in addition to 5.08 million newly issued shares. POSCO currently owns about 90 percent of its subsidiary, or about 33 million shares. The company, which has been seeking to offload assets to cope with the steel market downturn, will retain control of POSCO E & C, with its 53 percent stake.

 

PIF is mandated to invest in Saudi companies and holds equity in joint stock companies on behalf of the Saudi government.

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