South Korean shipping-to-shipbuilding conglomerate STX Group plans to raise 750 billion won ($655 million) by issuing bonds or bonds with warrants, a newspaper reported, Reuters reports. STX had issued a proposal under which its four units including STX Offshore & Shipbuilding Co Ltd would issue bonds in two phases by early next year, the Korea Economic Daily said, citing brokerage industry sources.
STX declined to comment on the report. Market talk that STX was planning large-scale fundraising amid worsened sentiment over the shipping and shipbuilding sector hit the share prices of STX Group companies.
Shares of Singapore-listed offshore vessel builder STX OSV Holdings Ltd ended down 9.3 percent on Friday amid market talk that the group may sell a stake to repay debt, traders said. STX Pan Ocean Co Ltd finished down 10.3 percent.
STX declined to comment on the report. Market talk that STX was planning large-scale fundraising amid worsened sentiment over the shipping and shipbuilding sector hit the share prices of STX Group companies.
Shares of Singapore-listed offshore vessel builder STX OSV Holdings Ltd ended down 9.3 percent on Friday amid market talk that the group may sell a stake to repay debt, traders said. STX Pan Ocean Co Ltd finished down 10.3 percent.