STX Group has decided to shed off its shipping subsidiary STX Pan Ocean for business reorganization and for the more stable financial structure.
The Korean Group announced that it had started discussion with local and overseas major investors to sell off Korean major dry-bulk owner STX Pan Ocean.
STX Group, which specializes in shipping and shipbuilding businesses, has been confronted with troubles amid protracted depression of both markets.
Particularly, recently shipbuilding industries are faced with plunged newbuilding prices and aggravated management environment with heavy-tail payment. Moreover, with tightened bank's risk management on shipbuilding and shipping industries, it became more difficult for companies to improve financial stability.
With judgement that operating both businesses under recent stagnancy is difficult to sustain, the Group made strategy to reorganize its business portfolio by concentrating on shipbuilding and related businesses.
Disposal of STX Pan Ocean is expected to become an opportunity for the Group to rearrange its portfolio, which is to be composed of shipbuilding, plant and energy.
STX is to put spurs to on-going restructuring as well. Recently, it finalized disposal of its stakes in STX Energy, totalling around KRW 360bn ($335m), and sale negotiation of STX OSV has entered a final stage.
Published : December 12, 2012
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