S. Korea's STX to sell $330 mln stake in STX Energy to Japan's Orix
SEOUL Oct 31 (Reuters) - South Korea's STX Corp said it has agreed to sell a stake in affiliate STX Energy to Japan's Orix Corp for 360.1 billion won ($329.92 million).
Under the agreement, STX Group will sell existing and new shares in STX Energy to Orix Corp and issue convertible bonds, STX said in a statement.
After the deal, Orix will hold a 43.1 percent stake in STX Energy, while STX Corp will maintain its management rights in the affiliate with a more than 50 percent stake.
($1 = 1091.4750 Korean won)
(Reporting by Hyunjoo Jin; Editing by Matt Driskill)