STX to set up holding firm in China

SEOUL, Dec. 15 (Yonhap) -- STX Group, a South Korean business group, said Tuesday that it plans to set up a holding company in the Chinese northeastern city of Dalian that controls its three Chinese units.

STX-Dalian Shipbuilding Co., STX-Dalian Heavy Industries Co. and STX-Dalian
Marine Engineering Co. will be put under the wing of its Chinese holding firm,
tentatively named "STX Dalian Investment Co." the group said.
"The move aims at improving management efficiency for business in China," said a
company official at STX Corp., the group's de facto holding company.
STX Corp. will invest US$19.5 million in the Chinese holding firm, with its
affiliate, STX Offshore & Shipbuilding Co., to invest $13 million for the
company.
sam@yna.co.kr
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