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STX Group plans to list its European unit in Singapore in October to raise as much as US$570 million ($793 million), according to a local media report on Monday.
STX Group will spin off STX Europe’s offshore plant and specialty vessel businesses for a Singapore initial public offering to raise 600 billion won ($679.7 million) to 700 billion won, Korea Economic Daily reported.
STX Group will spin off STX Europe’s offshore plant and specialty vessel businesses for a Singapore initial public offering to raise 600 billion won ($679.7 million) to 700 billion won, Korea Economic Daily reported.
An STX Group spokesman declined to comment.
STX Europe is the product of STX Group’s purchase of Norway’s Aker Yards, which was delisted from the Norwegian stock exchange in February 2009 after the group acquired 100% of the firm.
Shares in STX Offshore & Shipbuilding (067250.KS), a unit of STX Group, jumped 8.26% as of 0057 GMT, while STX Engine (077970.KS) climbed 4.59% in a flat broader market.
