June 1, 2020 / 8:40 AM / 2 months ago

S.Korea's state-owned banks to provide Doosan Heavy I&C with additional support of 1.2 trln won

SEOUL, June 1 (Reuters) - Two state-owned banks in South Korea said on Monday they would provide up to 1.2 trillion won ($977.41 million) in liquidity to support Doosan Heavy Industries and Construction Co Ltd as the company suffers from financial troubles after its nuclear and coal power business took a hit from the country’s energy policy shift.

South Korea’s leading constructor of coal-fired power plants previously received about 2.4 trillion won ($1.94 billion) from state-owned Korea Development Bank and Export-Import Bank of Korea, the company’s regulatory filings showed.

$1 = 1,227.7400 won Reporting by Heekyong Yang, editing by Louise Heavens

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