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STX Pan Ocean to buyout Gulf Pacific Shipping

STX Pan Ocean to buyout Gulf Pacific Shipping

Seoul: South Korea-based STX Pan Ocean is buying out its investment in a joint venture firm by acquiring the remaining 50% stake at a price of $1.5m. STX Pan Ocean (Hong Kong) will fully acquire Gulf Pacific Shipping as it seeks to strengthen bulk affreightment business in the Arabian Gulf and Indian Ocean region. The buyout will be made in cash and the transaction is not expected to affect earnings for the current financial year ending 31 December 2011, STX Pan Ocean said. STX Pan Ocean had earlier established six special purpose companies to finance newbuilding orders already placed. The Seoul- and Singapore-listed shipowner said the new companies would owe debt to financial institutions, which would be guaranteed by STX Pan Ocean to the amount of KRW402.3bn ($358m). [07/01/11]

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