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.
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"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)
Hillary Kang edt@koreapost.com
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