Posco International said Monday its US subsidiary will raise 532.9 billion won ($396 million) through a rights offering to acquire shale gas assets in the United States.
The company said the funds will be raised by its wholly owned subsidiary, Posco International E&P USA, but did not disclose the name of the shale gas assets or its partner in the deal.
In addition to the rights offering, Posco International will extend 266.1 billion won in loans to the US subsidiary by March 15 next year, a company spokesperson said.
Posco International is the trading and energy arm of Posco Group, a steelmaking-to-energy conglomerate. (Yonhap)