] SM Group, a medium-sized shipping group in South Korea, will likely be picked as the preferred bidder for STX Corp. this week, industry sources said on Mar. 9.
According to the sources, SM Group and three others made offers earlier this week to buy the cash-strapped STX, an affiliate of the now-defunct shipping conglomerate STX.
Since mid-February, trading of STX has been suspended on the Seoul bourse due to the erosion of its capital base. The company faces the risk of being delisted if it fails to come up with measures to bolster its capital base.
SM Group reportedly plans to pour 130 billion won (US$112.39 million) into STX.