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SM Group picked to take over STX Corp

SM Group picked to take over STX Corp

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A Samra Midas Group-led consortium was picked today as the preferred bidder for STX Corp.

SM Group, best known as a construction firm already owns dry bulk firm Korea Line Corp and has just launched the world’s newest containerline, is now willing to pour more than $120m to help fix troubled STX’s finances. STX shares have been suspended since mid-February and the company has faced delisting due to its dire financial situation.

STX Corp is the trading arm of what was once the mammoth STX Group, a conglomerate founded by Kang Duk-soo who invested in shipyards, lines and engine manufacturing before his empire collapsed in spectacular style with Kang sent to jail.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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