Asia Rural Development Foundation Holdings, a Hong Kong-based investment group, is planning to take over the financially-troubled STX Dalian, according to Korean media.
Dalian: Asia Rural Development Foundation Holdings, a Hong Kong-based investment group, is planning to take over the financially-troubled STX Dalian, according to Korean media. The foundation has formed a consortium which is also joined by a Chinese state-run shipbuilding company, most likely China Shipbuilding Industry Co (CSIC), and China Communications Construction Co (CCCC), and has offered KRW1.1trn to STX Group on the condition that it won’t assume any debts of the shipyard. STX will have to respond to the offer by August 8. "Given the huge debt incurred by STX Dalian, it is hard to believe the deal would go through. On the other hand, however, the top management of the companies is very close to high-ranking government officials, which makes the deal's success more likely,” said an official from a creditor bank of STX.