Market Chatter: LIG Nex1 Nears $2.65 Billion Deal to Export Cheongung-II Missiles to Iraq
South Korean aerospace manufacturer and weapons manufacturer LIG Nex1 (KRX:079550) is poised to finalize a deal worth $2.65 billion to export its Cheongung-II medium-range surface-to-air missile system to Iraq, Pulse News reported Thursday.
The contract, expected to be finalized next week, includes eight missile batteries, the report said.
Negotiations, which had been shelved in May, gained momentum in August, leading to a tentative agreement. Iraqi officials visited South Korea in March to explore air defense options via meeting with their Korean military counterparts and defense firms, the report said.
Shares of LIG Nex1 rose 2% in recent trade on Friday.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Price (KRW): â©204500.00, Change: â©+4000, Percent Change: +2.00%
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