A South Korean missile defence specialist has emerged as a beneficiary of the US-Israel war on Iran, with demand for LIG Nex1’s cheaper system pushing its shares higher and shining a spotlight on the country’s thriving security sector.
The company’s flagship product is the Cheongung-II (M-SAM II), a mid-range missile defence system that it has already sold to Saudi Arabia, Iraq and the United Arab Emirates, and that is much cheaper than its rivals.
The system, which fulfils a similar role to the Patriot PAC-3 mid-range interceptors used by the US and its allies, has demonstrated a 96 per cent success rate against Iranian missile and drone attacks, according to Yoo Yong-won of the Korean National Assembly’s defence committee.
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