STX Europe set for $570m Singapore listing

STX Europe is set for up to a $570m initial public offering on the Singapore Exchange later this year according to reports. STX Offshore and Shipbuilding plans to list its European shipyard operations to raise Won600bn to Won700bn ($570m) with a listing on SGX by October, the Korea Economic Daily reported. The paper said that original plans to list in Europe had been shelved due to the debt crisis in the region. STX Europe, was formerly Aker yards, which STX delisted from the Oslo Exchange in February 2009 after it acquired 100% of the shipyard group. Another STX unit, shipowner STX Pan Ocean, is already quoted on SGX, with a dual listing on the Korea Stock Exchange