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STX Engine put up for sale

All News 14:04 July 06, 2017

SEOUL, July 6 (Yonhap) -- The state-run creditor Korea Development Bank said Thursday it has put STX Engine Co., which produces various large diesel engines, up for sale.

STX Engine has been under a debt rescheduling program by creditors since 2013 after its parent STX Group was hit by a global slump in the shipbuilding and shipping industries.

About 24.07 million shares of STX Engine, or a 87.04 percent stake of the engine maker, will be sold.

Potential buyers are asked to submit their letters of intent to buy the stake by Aug. 2, the state-run creditor said.

Shares of STX Engine rose 0.96 percent to 15,750 won (US$13.6) at one point in early afternoon trading Thursday.

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