ID :
51894
Tue, 03/24/2009 - 07:28
Auther :
Shortlink :
https://www.oananews.org//node/51894
The shortlink copeid
POSCO Engineering sells office building in China
SEOUL, March 23 (Yonhap) -- South Korea's POSCO Engineering & Construction Co. said Monday it has sold its office building in Shanghai to a Chinese property developer.
POSCO Engineering, a unit of POSCO, the world's fourth-largest steelmaker, did
not reveal the sale price due to a confidentiality agreement signed with Shanghai
Lujiazui Finance & Trade Zone Development Co.
However, the builder is expected to receive as much as US$258 million from the
sale of POSPLAZA, a 34-story office building built by the company in 1999.
"We have sold the non-core business asset to keep our focus on core business,
including our overseas plants business. Proceeds from the sale will be used for
company operations," a company official said.
Last July, POSCO Engineering commissioned global management consultancy
PricewaterhouseCoopers to conduct a survey on the feasibility of the building
sale.
POSCO Engineering, a unit of POSCO, the world's fourth-largest steelmaker, did
not reveal the sale price due to a confidentiality agreement signed with Shanghai
Lujiazui Finance & Trade Zone Development Co.
However, the builder is expected to receive as much as US$258 million from the
sale of POSPLAZA, a 34-story office building built by the company in 1999.
"We have sold the non-core business asset to keep our focus on core business,
including our overseas plants business. Proceeds from the sale will be used for
company operations," a company official said.
Last July, POSCO Engineering commissioned global management consultancy
PricewaterhouseCoopers to conduct a survey on the feasibility of the building
sale.
