POSCO E&C inks tie-up deal with Malaysian firm

SEOUL, July 14 (Yonhap) -- POSCO Engineering & Construction Co., the construction unit of South Korean steel giant POSCO, said Thursday that it signed a memorandum of understanding (MOU) with Malaysia's Berjaya Corp. Bhd. on strategic cooperation in construction and development projects.
Under the deal, POSCO E&C will participate in investment projects carried out by Berjaya and enter the Southeast Asian country through the network of Malaysia's sixth-largest firm, according to POSCO E&C.
The MOU also calls for cooperative tie-ups to develop renewable energies, build plants and carry out urban development projects, POSCO E&C added.
Berjaya operates 20 hotels, resorts and shopping malls in Southeast Asia, with annual sales of 2.2 trillion won (US$2 billion). It opened the Berjaya Jeju Resort project with POSCO E&C in 2008.