STX plans to sell up to 40% of its Dalian yard

STX Group is pushing a plan to sell a 30%-40% stake in its Dalian shipyard and it is negotiating with potential buyers from Hong Kong and China, according to Korean media.

STX is trying to raise funds in order to deal with the worsened market conditions and ease the heavy debt burden as it has an upcoming loan repayment of KRW3,000bn. The shipyard is majority owned by STX Group affiliates including STX Offshore & Shipbuilding and STX has invested more than KRW2trn in the shipyard . However, STX is not planning to sell off its shipyard or management rights entirely. The facility, in area space, is among the largest shipyards in the world.