An STX spokesman confirmed Friday that STX Corp would be selling off 43.15% shareholdings in its afflilate STX Energy Co Ltd to private equity firm Hahn & Company.
STX Corp had already sold about 43.1% in STX Energy Co. Ltd to Orix Corp of Japan for KRW360.1 billion or US$330 million last year. Since that time, Orix had purchased another 7% in the heating and power company through an exercise of exchangeable bonds to bring the total shareholdings in STX Energy to 50%.
In addition to the 43.15% stake sale, STX Group chairman Kang Duk-soo also intends to exercise a call option for a 6.9% stake in the current holdings of Orix Corp in STX Energy. The goal is to provide Hahn & Company proxy voting rights over the shares to eventually lead to management control This was confirmed with Reuters by an anonymous source with direct knowledge over the matter.
On Friday, STX Corp and Hahn & Company would be signing a memorandum of understanding according to the STX Corp spokesperson.
Join the Conversation