Korea Hot Stocks-STX Pan Ocean jumps on stake sale news
SEOUL, March 13 |
SEOUL, March 13 (Reuters) - South Korea's main KOSPI share index was up 0.11 percent at 1,995.97 as of 0048 GMT.
Stocks on the move on Wednesday:
**STX PAN OCEAN**
Shares in STX Pan Ocean Co Ltd jumped as much as 6.9 percent, a day after the shipping company said its top shareholder STX Corp would receive letters of intent by March 29 to sell a controlling stake in the unit.
STX Group has been seeking to sell the entire 35 percent stake held by STX Group affiliates and executives, whose current market value is about 375 billion Korean won ($342.37 million).
"STX Group has pushed for the sale unofficially, which sparked doubts about whether it is serious about the sale. But the public announcement eased concerns about lacklustre sales process, lifting shares today," said Park Eun-kyung, an analyst at Samsung Securities. ($1 = 1095.3000 Korean won) (Reporting by Hyunjoo Jin; Editing by Anand Basu)
- Tweet this
- Share this
- Digg this