POSCO Holdings to divest $1.76 bil. worth of shares in 2 affiliates
POSCO's steel mill in Pohang, North Gyeongsang Province / Korea Times file
By Yonhap
POSCO Holdings, the country's leading steelmaker, said Friday that it plans to sell a combined 2.5 trillion won ($1.76 billion) worth of shares in two of its affiliates.
In a regulatory filing, POSCO Holdings said it plans to divest 2 trillion won worth of shares in POSCO International and 500 billion won in POSCO DX.
The share sell-offs will be made on Sept. 7, according to the filing.
The disposal of shares in the affiliates is aimed at securing investment funds and boosting corporate value, POSCO Holdings said.
After the share divesture, POSCO Holdings will hold a 50 percent stake each in POSCO International and POSCO DX.