SEOUL, Sept 20 (Askume) – South Korea’s LIG NEX1 (079550.KS) said on Friday it had received a 3.71 trillion won ($2.8 billion) export order from Iraq for a medium-range surface-to-air missile defence system.
The defence company did not provide any other details of the contract in a regulatory filing, citing confidentiality.
LIG Nex1 won a $3.2 billion contract to export 10 missile system battery packs, known as M-SAM II or Cheongang II, to Saudi Arabia , according to South Korea’s Defense Ministry news in February.
LIG Nex1 shares were up 3.6% in early trade, while the broader market (.KS11) was up 0.9%.
KB Securities analyst Jeong Dong-ik said: “After South Korea, the United Arab Emirates and Saudi Arabia, four more countries will operate the ‘Cheongang II’ system.”
South Korea has surged in global defence exports as Russia’s invasion of Ukraine opened the door to massive contracts in Europe, the Middle East and Asia.
The country aims to become the world’s fourth-largest arms exporter by 2027.
(1 USD = 1,326.2200 Korean Won)
