AFC Mercury, a fund jointly launched by the Chinese Academy of Agricultural Sciences and a number of Chinese banks, has completed the takeover of South Korea’s STX Corporation, the remaining trading entity of defunct STX Group, after it was selected as he preferred bidder for the company in December last year.
STX announced that its largest shareholder has been changed from the country’s state-run Korea Development Bank (KDB) to AFC Mercury, which now holds 85.3% shares in the company. The price for the transaction is KRW68.5bn ($62m).
The creditors of STX tried to sell the company to South Korea’s Samra Midas Group and Harim Group last year, and both attempts ended in failure.
AFC Korea said it will make effort to normalise the business of STX by utilising AFC’s broad network around the world.
STX Corporation, once one of the major maritime conglomerates in South Korea, engaging in many businesses including shipping, shipbuilding, energy and trading, went bankrupt last year.