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Send by email Friday, December 7th, 2012
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.
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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.
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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.
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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.
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*Article provided by The Korea Economic Daily
Source: http://www.koreaittimes.com/story/24815/market-insight-japans-orix-group-buy-431-stake-stx-energy
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