STX Group plans to list STX Heavy in 2008

Seoul: STX Group said it plans to list STX Heavy Industries Co Ltd, a wholly-owned unit of STX Shipbuilding Co Ltd, as early as 2008. STX Shipbuilding will sell around 45 pct or 9 mln shares for 15,000 won a share this year to meet requirements for the planned listing, STX Group said. 'We are planning a listing as STX Heavy's corporate value is rising amid higher demand for large engines for ships,' an STX Group official said. STX Heavy, established in 2004, is targeting a 20bn won operating profit on sales of 410bn this year.   [28/09/06]