POSCO Considering Joint Liquidation with Myanmar Military-Owned Company
[Asia Economy Reporter Cho Hyun-ui] POSCO is reportedly reviewing how to end its joint investment with Myanmar military-owned company Myanmar Economic Holdings Limited (MEHL).
According to major foreign media on the 5th, POSCO Coated & Color Steel (C&C) is considering either selling its 70% stake in the joint venture or buying MEHL's 30% stake. The exact value of MEHL's 30% stake has not been disclosed.
Earlier that day, APG, a Dutch public pension fund and shareholder of POSCO, expressed concerns about POSCO's business in Myanmar through the Financial Times. APG stated, "The military is killing people every day," and demanded that POSCO sever ties with the Myanmar military.
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POSCO affiliate POSCO Coated & Color Steel has been criticized for financially contributing to the Myanmar military's ethnic minority massacres through its joint venture with MEHL. In response to the Rohingya human rights abuses issue, POSCO Coated & Color Steel has explained that it has "halted dividends since 2017."
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