STX, KA Group chief form strategic partnership
STX CEO Park Sang-jun, right, shakes hands with KA Group Chairman Abdulghani at the signing ceremony at STX headquarters in Seoul on Aug. 2. Courtesy of STX
By Park Si-soo
STX Corporation has formed a strategic partnership with KA Group Chairman Abdulghani.
Abdulghani has personally supported STX's business in the Middle East, including Iraq.
STX and Abdulghani signed an agreement at STX headquarters in Seoul on Aug. 2, under which the latter bought STX convertible bonds worth 6.5 billion won ($5.33 million).
STX CEO Park Sang-jun and Abdulghani attended the ceremony.
“Business cooperation between two companies will be expanded to Europe and Asia as well as the Middle East due to this investment partnership,” STX said in a statement.
They expect the partnership will help expand their business from the existing electric power business to manufacturing, construction, oil and gas, port and storage facilities.