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.

“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.