Report: STX Gets One Year to Resume Trading

South Korean holding company STX Corporation has been given a one-year rehabilitation period for its stock to resume trading, according to Yonhap News Agency.

Following the one-year period, the Korea Exchange is expected to review whether to delist the company.

The decision was made after the company’s creditors rejected to sell the company to the earlier announced preferred bidder, a consortium led by South Korea’s Samra Midas Group (SM Group).

SM Group, which was chosen as the preferred bidder in mid-March, was planning to improve STX’s financial status following the takeover. Yonhap earlier informed that SM Group aimed to inject some KRW 130 billion in the troubled company. The improvements would have allowed the trading of STX on the Seoul bourse to be resumed.

The company’s stock stopped trading in mid-February, mainly due to the drop of STX’s capital base.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >