Seoul: South Korea's STX Enpaco Co Ltd., a supplier of ship parts to the STX Group, is planning to hold an initial public offering in the fourth quarter, a top company official said on Monday.
"We are planning to go public in the fourth quarter and list shares on the main KOSPI board," President and Chief Executive Song Woo-yik told a briefing at the company's headquarters in South Korea's southern Changwon city.
Song said the company plans to sell 10 percent of its existing 20 million shares and will issue 20 percent of new shares. He did not provide further details and said the IPO price has yet to be determined.
Another company official, who declined to be named, said he believes the price will be "in the vicinity of 30,000 won apiece," which means the company is expected to raise around 180 billion won from the share sale.
STX Enpaco, which is 51 percent-owned by STX Engine Co Ltd., sells components for diesel engines and various materials for building vessels. [27/5/08]
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