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STX units reveal interest in DSME

Seoul: Despite liquidity fears spurred by STX Corp's plan to issue 5.39m new shares to raise 307.8bn won ($295.5m), units of South Korea's STX Group, including STX Engine and STX Corp have revealed that they are considering bidding for Daewoo Shipbuilding & Marine Engineering (DSME), reports Reuters. The two units also denied talk of new rights issuances.

"Talk of new share issuances is not true," STX Corp and STX Engine stated in separate filings to the Korea Exchange. "We are considering bidding for Daewoo E&C but details have not yet been determined."

The planned sale of DSME, which is owned by state-run financial firms including Korea Development Bank, has drawn interest from a number of domestic companies including steel giant POSCO and conglomerate Hanhwa.

Shares in STX Corp closed up 3.94% to 60,700 won and STX Engine closed up 8.65% to 44,600 won. [19/06/08]

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