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KDB becomes STX PO's largest shareholderKDB becomes STX PO's largest shareholder
Korea Development Bank (KDB) is now the largest shareholder in dry bulk shipping firm STX Pan Ocean following the completion of a sale share by STX Group.
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Kalyakan - stock.adobe.com
Cash-strapped STX Group, which previously owned 19% stake in STX PO, now owns just 3.55% of the dry bulk shipping firm, while KDB owns 14.99%.
STX Offshore & Shipbuilding and STX Engine, affiliates of STX Group, own 8.57% stake in STX PO.
STX PO has been under rehabilitation proceedings since 17 june this year upon the decision of Seoul Central District Court.
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