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.
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.