Hanwha Systems (KRX:272210) secured a 54.7 billion won contract to develop a multifunction radar (MFR) prototype for South Korea's upgraded long-range surface-to-air missile (L-SAM) system, Yonhap News reported Tuesday.
Selected by the state-run Agency for Defense Development, the radar will boost real-time detection and tracking of ballistic missile threats with extended range and precision, the report said.
Shares of the aerospace and defense company rose nearly 3% in recent trade on Wednesday.
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