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S Korea's STX to launch holding company in China

(Xinhua)
Updated: 2009-12-15 14:46
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South Korean business conglomerate STX Group said Tuesday it plans to set up a holding company in northeastern China's Dalian city to control its three Chinese units.

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The Chinese holding firm, tentatively named "STX Dalian Investment Co" will be launched to control STX-Dalian Shipbuilding Co, STX-Dalian Heavy Industries Co and STX-Dalian Marine Engineering Co, the group said.

STX Corp, the group's de facto holding company, will invest $19.5 million in the Chinese holding firm, while its affiliate, STX Offshore & Shipbuilding Co is scheduled to inject $13 million for the company.

"The move aims at improving management efficiency for business in China," a company official at STX Corp was quoted as saying.
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