Saudis agree $3.2 bln deal to buy South Korean missile defence system

SEOUL: South Korean defence firm LIG Nex1 079550.KS has won a $3.2 billion deal to export a mid-range surface-to-air missile defence system to Saudi Arabia, South Korea’s Ministry of National Defence said on Tuesday.

The Saudi defence ministry agreed to buy 10 batteries of a mid-range, medium-altitude interception system called Cheongung M-SAM II that can cope with ballistic missile and aircraft attacks, the South Korean ministry said.

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The details of the deal were disclosed at the sidelines of the World Defense Show in Riyadh.

A spokesperson for LIG Nex1 could not be reached outside office hours.

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