April 16, 2024
Industrials
STX Engine put up for sale
[THE INVESTOR] The state-run creditor Korea Development Bank said on July 6 it has put STX Engine, which produces various large diesel engines, up for sale.
STX Engine has been under a debt rescheduling program by creditors since 2013 after its parent STX Group was hit by a global slump in the shipbuilding and shipping industries.
About 24.07 million shares of STX Engine, or a 87.04 percent stake of the engine maker, will be sold.
Potential buyers are asked to submit their letters of intent to buy the stake by Aug. 2, the state-run creditor said.
Shares of STX Engine rose 0.96 percent to 15,750 won (US$13.6) at one point in early afternoon trading on July 6.
By Alex Lee and newswires (alexlee@heraldcorp.com)
STX Engine has been under a debt rescheduling program by creditors since 2013 after its parent STX Group was hit by a global slump in the shipbuilding and shipping industries.
About 24.07 million shares of STX Engine, or a 87.04 percent stake of the engine maker, will be sold.
Potential buyers are asked to submit their letters of intent to buy the stake by Aug. 2, the state-run creditor said.
Shares of STX Engine rose 0.96 percent to 15,750 won (US$13.6) at one point in early afternoon trading on July 6.
By Alex Lee and newswires (alexlee@heraldcorp.com)
