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South Korea steel giant POSCO weighs how to exit Myanmar military-backed venture: Sources
The logo of POSCO is seen at the company s headquarters in Seoul, South Korea, Jul 20, 2016. (Photo: Reuters/Kim Hong-ji)
05 Apr 2021 04:20PM (Updated:
05 Apr 2021 05:06PM) Share this content
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SEOUL: Giant South Korea steelmaker POSCO has begun reviewing how it might end a joint venture with a firm controlled by the military in Myanmar in the wake of the coup there in February, two people with first-hand knowledge of the matter told Reuters.
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S Korean steel giant POSCO mulls how to exit Myanmar military-backed venture
Employees of POSCO walk out of the company s headquarters in Seoul July 22, 2011. Photo: Reuters
April 5, 2021
Giant South Korea steelmaker POSCO has begun reviewing how it might end a joint venture with a firm controlled by the military in Myanmar in the wake of the coup there in February, two people with first-hand knowledge of the matter told Reuters.
As Myanmar‘s army rulers continue a deadly crackdown on protest, with hundreds killed, the people said the Korean parent’s POSCO C&C arm is looking into either selling its 70% stake in the venture with Myanmar Economic Holdings Ltd (MEHL), or buying out its partner’s stake. It wasn’t immediately clear how much the 30% holding might be worth.