STX signs deal to sell stake in energy unit

STX Group, a Korean shipping and shipbuilding conglomerate, said Thursday that it signed a contract to sell part of its stake in its energy unit to Orix Corp. of Japan for some 360 billion won ($332 million).

STX Group has been seeking to sell units or list them on the local stock market as part of efforts to secure cash, thus putting its balance sheet in good shape.

In September, Orix was picked as a preferred bidder for STX Energy Co.

Under the deal, Orix owns 43.1 percent of STX Energy, while STX Corp. and other STX affiliates hold a combined stake of more than 50 percent in the energy unit, the group said.

STX Energy posted an operating income of 66.3 billion won on sales of 1.02 trillion won last year.

STX Group said the deal will help solidify a strategic partnership with Orix, with both sides cooperating on new businesses. (Yonhap)