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KDB announces plan to sell 87% stake in STX Engine

July 07,2017
The state-run creditor Korea Development Bank said Thursday it has put STX Engine, which produces various large diesel engines, up for sale.

STX Engine has been under a debt rescheduling program by creditors since 2013 after its parent STX Group was hit by a global slump in the shipbuilding and shipping industries.

About 24.07 million shares of STX Engine, or a 87.04 percent stake of the engine maker, will be sold.

Potential buyers are asked to submit their letters of intent to buy the stake by Aug. 2, the state-run creditor said.