South Korea’s POSCO C&C says to finish Myanmar military-backed three way partnership By Reuters

By Joyce Lee

SEOUL (Reuters) – POSCO (NYSE:) Coated & Shade Metal Co Ltd (POSCO C&C) mentioned on Friday it can finish its three way partnership with Myanmar Financial Holdings Public Co Ltd (MEHL), a agency managed by the navy in Myanmar which took management of the nation in February.

The South Korean agency didn’t element the way it will finish the enterprise, saying in a press release that it’ll proceed to reveal associated points. A POSCO C&C spokesman instructed Reuters that, although the agency is ending the enterprise relationship, it isn’t pulling out Myanmar.

“We hope that our metal enterprise will proceed to contribute to enhancing Myanmar’s residential setting and revitalising the financial system,” POSCO C&C mentioned in a press release.

Reuters beforehand reported that POSCO C&C, an affiliate of steelmaker POSCO, was reviewing how one can finish the enterprise. POSCO booked about 2 billion received ($1.77 million) in revenue final 12 months from the metal enterprise in Myanmar.

Activist group Help Affiliation for Political Prisoners has mentioned 715 folks have died protesting towards the Feb. 1 coup that ousted an elected authorities led by Nobel peace laureate Aung San Suu Kyi.