South Korea's LIG Nex1 wins $2.8 bln Iraq deal to export missile systems (updated)

LIG Defense & Aerospace

20/09/2024 24:14

(Adds background)
       SEOUL, Sept 20 (Reuters) - South Korea's LIG Nex1
 079550.KS  said on Friday it won a 3.71 trillion won ($2.8
billion) order from Iraq to export mid-range surface-to-air
missile defence systems. 
    The defence company did not give any other details of the
contract in a regulatory filing, citing confidentiality. 
    The news follows LIG Nex1 winning a $3.2 billion deal to
export 10 batteries of the missile systems, called M-SAM II or
Cheongung II, to Saudi Arabia, according to South Korea's
defence ministry in February.  
    South Korea has ramped up global defence exports, as
Russia's invasion of Ukraine opened the door to sign large-scale
contracts from Europe, the Middle East and Asia. 
    The company aims to become the world's fourth-largest arms
exporter by 2027. 

($1 = 1,326.2200 won)

 (Reporting by Joyce Lee; Editing by Jacqueline Wong, Ed Davies)
 ((joyce.lee@tr.com;))