Friday, July 12th, 2013
The number of shares changing hands this time was 5,103,101, a 43.15-percent stake in the company. The purchase price is 270 billion won with the official date of sale set at July 18.
STX Group will use the proceeds from the sale of its energy arm's stake to pay down its debt and pay for working capital. STX Corp., the group's holding company, will have to redeem corporate bonds of 80 billion won and 200 billion won, respectively, coming due at the end of July and the year's end.
