STX Pan Ocean clarifies market rumours

No bids came in for its public tender.

In a release, STX Pan Ocean Co., Ltd. clarfies rumours in the market and announces that STX Corporation, the controlling shareholders of STX Pan Ocean, is under consideration to sell its direct and deemed owned shares of STX Pan Ocean including management right for making business structure reform and financial improvement of STX Group. 

According to the procedure for selling, Letter of Intent application was closed at 15:00, 29th March, 2013 and there is no bidder who submitted LOI for public tender. 

The Company will decide the progress direction of selling upon the consultation with the Main Creditor Banks and disclose further details at the time of deciding the relevant specifics.