[Market Insight] Japan's Orix Group to Buy 43.1% Stake in STX Energy
[Market Insight] Japan's Orix Group to Buy 43.1% Stake in STX Energy
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2012.12.07 23:37
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SEOUL, KOREA – Japan's Orix Group is set to acquire a 43.1-percent stake in STX Energy, a resource development arm of Korea's STX Group. The company is reported to purchase the stake for the purpose of reducing tax obligations through the use of a special-purpose corporation. Orix Group will dispatch three directors to supervise the management of STX Energy.
According to investment banking sources on December 6, STX Group held a board of directors meeting on the 5th and decided to hand over its 43.1-percent stake at 360 billion won to Buffalo Energy & Power Ltd., the special-purpose corporation established by Orix Group.
STX Group said it would reduce the group's debt ratio by paying back the loans provided by the Korea Development Bank from the 1.2-trillion-won cash proceeds.
Earlier in late November, the company had sold STX OSV (Offshore & Specialized Vessels), a subsidiary of STX Europe, to Fincantieri of Italy at 800 billion won and awaits an approval from the Singaporean authorities as the company was registed as a Singaporean corporation.
*Article provided by The Korea Economic Daily

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