Seoul: POSCO Holdings Inc., the country's leading steelmaker, announced plans to sell a combined 2.5 trillion won (US$1.76 billion) in shares of two of its affiliates.

According to Yonhap News Agency, POSCO Holdings disclosed in a regulatory filing its intention to divest 2 trillion won worth of shares in POSCO International and 500 billion won in POSCO DX. The share sell-offs are scheduled for September 7, as outlined in the filing.

POSCO Holdings stated that the disposal of shares in the affiliates is aimed at securing investment funds and boosting corporate value. Following the divestiture, POSCO Holdings will retain a 50 percent stake in both POSCO International and POSCO DX.