STX Pan Ocean raises stake in bank

STX Pan Ocean has decided to pump in KRW34bn ($30.5m) cash to increase its investments in Heung Kook Mutual Savings Bank to raise its ship financing profile. STX Pan Ocean announced Monday that it will acquire 65.6% of equity in Heung Kook Bank from STX Construction and 18.8% of equity from Bulim Mutual Savings Bank. The move will increase STX Pan Ocean's percentage of equity in Heung Kook Bank to from 15.6% to 100%. “The additional investment is to enhance the efficiency in the company's businesses and management and to strengthen the competitiveness in ship financing market by securing additional shareholdings in Heung Kook Bank,” it said in a statement.