Ssangyong Cement Industrial to sell stake in shipping arm

Ssangyong Cement Industrial to sell stake in shipping arm
Published: 18 January 2010

Ssangyong Cement Industrial Co., Ltd., a manufacturer of cement and ready-mixed concrete, is planning to sell 6,870,000 shares, representing approximately a 15% stake, in Ssangyong Shipping Co, Ltd., a provider of sea transportation services, for KRW20,000m($17.32 million).

Pursuant to the transaction, Ssangyong Cement will hold 54.94% stake in Ssangyong Shipping. Both the companies are based in South Korea.