STX Group unit to list on Singapore exchange

STX Group, a South Korean conglomerate, plans to list its European unit on the Singapore stock exchange in October to raise KRW600 billion-KRW700 billion ($490 million-$570 million), the Korea Economic Daily reported in its Monday edition available on its website. STX Group plans to spin off STX Europe's offshore plant and specialized ships business and list the business on the Singapore exchange, the newspaper reported, citing unidentified officials in the shipbuilding industry.
STX, which has chosen Goldman Sachs as the lead manager for the listing, will soon hold a board meeting to decide on the exact timing of the listing and the number of shares to put up for sale, according to the report.
STX originally hoped to list STX Europe on a European exchange, but changed its mind because of the latest European sovereign debt crisis, it said.
The Korean conglomerate took over STX Europe, formerly Norway's Aker Yards, a shipbuilder that specializes in complex, high-end vessels, last year and delisted it from the Oslo Stock Exchange afterwards.