Doosan Heavy Industries & Construction Co., the world's leading desalination plant builder, said Wednesday that it has sold its entire 10.55 percent stake in Doosan Bobcat Inc. for 368.1 billion won (US$331 million).
Doosan Heavy said the stake sale to unidentified South Korean securities firms is meant to improve its financial condition.
"We plan to use most of the proceeds of the sale to pay back debt," a Doosan Heavy official said.
Currently, Doosan Heavy's net borrowing on a non-consolidated basis comes to 4.85 trillion won and its debt ratio stands at 165.2 percent.
Doosan Infracore Co., a maker of construction machinery, owns a 55.34 percent stake in Doosan Bobcat, which manufactures construction equipment. (yonhap)