STX Pan Ocean's controlling shareholder remains keen to sell stake

STX Pan Ocean said on Monday that its controlling shareholder STX Corp remains keen on selling its direct and indirect stake in STX Pan Ocean, as the parent STX Group seeks to reform its business structure and improve its finances.

STX Group has told South Korea's KDB private equity fund to review the possible acquisition of STX Pan Ocean. The fund has appointed an advisor and launched a preliminary review of the purchase and has not decided whether to go ahead.

STX Pan Ocean shares have taken a hit on news of a failed earlier attempt at sale.

An invitation for a letter of intent to make a public tender for STX Pan Ocean drew no response at the close of the application process on March 29.