Korea Hot Stocks-STX Corp soars on media report of unit stake sale

SEOUL Mon Dec 10, 2012 8:37pm EST

Related Topics

SEOUL Dec 11 (Reuters) - South Korea's main KOSPI share index was up 0.3 percent at 1,962.69 points as of 0109 GMT. The index opened up 0.26 percent.

Stocks on the move on Tuesday include:

**STX SURGES ON REPORT OF LIKELY UNIT STAKE SALE**

Shares in STX Corporation rose more than 5 percent following a local media report that the cash-strapped company was close to a deal to sell a controlling stake in Singapore-listed affiliate STX OSV Holdings.

STX Corp in August chose Italian government-owned ship builder Fincantieri SpA as the preferred bidder for a 50.8 percent stake, valued at about $800 million.

A STX Corp official said on Tuesday that the stake sale appears imminent but declined to comment further.

Shares of its affiliates STX Engine, STX Offshore & Shipbuilding and STX Metal also rallied, while shipping unit STX Pan Ocean posted the biggest gain of 12.5 percent. (Reporting By Somang Yang and Joyce Lee; Editing by Anupama Dwivedi)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.