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Biz News Korea(Eng)

Samra Midas Group emerging as likely new owner for STX Corporation

Collected: 2017.03.09

Distributed: 2017.03.13

Source: Go Direct

South Korea’s Samra Midas (SM) Group, which recently acquired some asset from now-defunct sea-liner Hanjin Shipping, has emerged as the likely winner for STX Corporation put on sale through an auction by creditors.

According to investment banking sources on Wednesday, creditors are weighing an option to negotiate with SM Group ahead of other bidders after Harim Group, a favored candidate, did not make a final bid.

Creditors will choose a preferred negotiator this week. The auction led by EY Han Young, the Korean member firm of Ernst & Young, drew three to four bidders.

STX Corporation must recapitalize by the end of this month to avoid being kicked out of the stock market for failing to meet capital guidelines. Sources say SM Group is willing to inject more than 130 billion won ($113 million) to normalize the operation of STX Corporation.

SM Group has shown interest in the company’s trading business for raw materials and subsidiary STX Marine Service involved in ship management and onshore plant maintenance. SM Group expects post-acquisition synergy from STX that could be operated in combination with SM Shipping and Korea Line. SM Shipping was launched on Hanjin Shipping`s Asia-North America shipping route acquired by SM Group late last year.

By Jeon Kyung-woon and Yoo Tae-yang

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