[Featured Stock] Husteel Soars 11% on Saudi Stake Investment Windfall...
by Kim Minyoung
Published 27 Aug.2024 10:24(KST)
Updated 27 Aug.2024 10:55(KST)
Hyusteel is rising more than 11%.
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As of 10:20 AM on the 27th, Hyusteel is trading at 4,620 KRW, up 11.86% (490 KRW) from the previous trading day. Hyusteel is a company that produces pipes for piping (steel pipes) and is an affiliate of the Sinan Group.
The reason for Hyusteel's sharp rise appears to be reports that the value of the stake in the Saudi Arabian pipe company 'Saudi Steel Pipe (SSP)' owned by Hyusteel has nearly doubled this year.
SSP is a Saudi pipe company that entered the Saudi stock market in August 2009. At its launch, Hyusteel invested 1.2 billion KRW to acquire a 16.37% stake in SSP. The value of the SSP stake purchased for 1.2 billion KRW has increased about 160 times in 44 years.
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