Singapore: Up-for-sale STX Pan Ocean will call an extraordinary general meeting to convert its Singapore listing status from a primary to a secondary one.
Debt laden STX Group is keen to offload its shipping line STX Pan Ocean. It is also listed in Seoul. The line is South Korea’s largest bulker operator with around 400 ships on its books. STX’s controlling 36% stake in the line is worth around $250m according to Bloomberg. The fire sale at the sprawling maritime conglomerate has also seen another Singapore-listed firm, STX OSV, sold to Italy’s Fincantieri, while the firm is willing to listen to offers for up to a 40% stake in its Dalian shipyard. [25/01/13]