South Korean holding company STX Corporation has announced approval for its shipping division spin-off, featuring a new company focusing on shipping and logistics named STX Green Ocean within the existing general trading entity called STX.
STX Corporation noted that due to the spin-off, the global trading business and the logistics and shipping business were dualised and a full-fledged ‘two-track’ strategy has begun.
The approval was announced during a general shareholder meeting on 16 August at STX Ocean Tower in Changwon, Gyeongsangnam-do.
According to STX Corporation, this announcement follows the aims of strengthening business expertise and expanding the company’s growth strategy.
The global trading company focuses on “four major businesses”, including energy, commodity training, machinery/engine and shipping/logistics.
STX Corporation stated that unlike a physical division, in which the existing corporation owns stocks in the new corporation, the spin-off is a method in which the shareholders of the existing corporation divide the shares of the new corporation according to their share ratio.
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As noted by The Korea Economic Daily, the division features a split of existing shares in an 80:20 ratio between STX and STX Green Ocean.
The paper noted STX’s aim is to open the world’s first B2B platform for commodities and industrial goods this year, challenging the misconception that they cannot be traded online.