STX Engine up for sale

STX Engine up for sale

State-run Korea Development Bank has put STX Engine up for sale. The marine engine manufacturer has been in restructuring for the past four years in the wake of the STX Group running into financial difficulties.

Some 24.07m shares of STX Engine, equivalent to an 87.04% stake of the engine maker, will be sold.

Potential buyers are asked to submit their letters of intent to buy the stake by August 2. The company is the largest marine engine maker in South Korea.

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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