Chinese firm to acquire STX Corporation

Chinese firm to acquire STX Corporation

AFC Korea, a unit of Chinese private equity fund AFC, has been selected by The Korea Development Bank (KDB) as the preferred bidder for bankrupt STX Corporation, Business Korea reports.

The council of creditors of STX, including KDB, decided to sell around 15.2m common shares representing 86.28 % of STX, and four companies including Korea’s Pan Ocean joined the bidding. AFC eventually won the bidding by offering the highest price at KRW70bn ($65.26m).

STX is a general trading company after its recent restructuring.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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