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Doosan Heavy sells stake in Doosan Infracore for 850 bln won

All News 16:08 February 05, 2021

By Nam Kwang-sik

SEOUL, Feb. 5 (Yonhap) -- Doosan Heavy Industries & Construction Co. said Friday that its board of directors has decided to sell the company's 35.4 percent stake in Doosan Infracore Co. for 850 billion won (US$757 million) to Hyundai Heavy Industries Holdings Co. (HHIH).

Cash-strapped Doosan Heavy disposed of 76 million shares of its construction equipment unit Doosan Infracore to improve business efficiency and management structure, the company said in a regulatory filing.

On Dec. 10, a consortium led by HHIH was picked as the preferred bidder for the 35.4 percent stake in Doosan Infracore held by South Korean power plant builder Doosan Heavy.

The consortium inked an initial deal for the acquisition on Dec. 23.

This file photo, provided by Doosan Infracore Co. on Jan. 20, 2021, shows one of the company's excavator models in use. (PHOTO NOT FOR SALE) (Yonhap)

ksnam@yna.co.kr
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