Shares in Ssangyong Motor leaped on Thursday after a local media report late Wednesday said a foreign firm had submitted a letter of intent (LOI) to buy a stake in the struggling SUV maker.

A Ssangyong Motor official denied the report, but told Reuters the company had started the sale process and was currently working on due diligence.

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“We will soon issue the official stake sale announcement, and have already sent out introductory letters, to which a number of foreign companies have expressed interest,” a spokesman said, declining to name the foreign firms.

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