South Korea missile maker to launch $400 mln stake sale - sources

South Korea missile maker to launch $400 mln stake sale - sources

South Korea defence company LIG Nex1, which makes missiles and develops weapons systems, is selling an up to 49 percent stake that could raise as much as $400 million, according to sources familiar with the matter.

LIG Nex1, which makes anti-submarine and cruise missiles as well as weapons systems, has hired Citigroup Inc to sell the stake in an auction which that target private equity firms and strategic buyers, the sources told Reuters.

The sources were not authorised to talk to the media.