Doosan Heavy bags $850 mln order from Philippines

Doosan Heavy Industries & Construction Co., South Korea's top power equipment maker, said Friday it has secured a $850 million order to build a power plant in the Philippines.

Under the deal with Redondo Peninsular Energy Corp., Doosan Heavy will build the coal-powered plant in a region, 130 kilometers northwest of Manila, by December 2020.

The deal follows a 1 trillion-won ($884 million) contract to build a power plant in Saudi Arabia.

Stocks of Doosan Heavy were trading at 26,850 won on the Seoul bourse as of 9:50 a.m., up 2.87 percent from the previous session's close. (Yonhap)\