Cable manufacturer Taihan Electric Wire Co. has sold its stake in affiliate PJ Metal Co. for 20 billion won ($17.5 million).
The company said that the stake sale is part of the wire maker's ongoing efforts to sell assets of non-core businesses to boost its financial soundness.
"With the stake sale, we have raised around 1.05 trillion won in cash so far this year, which is being used to improve our financial health," said a company official.
He added that the company will continue to sell stakes in non-core business sectors to reduce debt.
In September, Taihan Electric, the country's second-largest wire maker, sold all its shares in two Mongolian firms for 22.5 billion won.
In August, the wire maker also sold its stake in a Hilton Hotel in Canada for 26.2 billion won.
Shares of Taihan Electric were trading at 6,790 won on the Seoul bourse as of 9:40 a.m., up 1.49 percent.