STX Corp, the remaining trading company in the defunct Korean STX group, has been offloaded to a Chinese company for just KRW 68.5bn ($62m).
The fund AFC Mercury snapped it up after several failed attempts to find domestic buyers, Maeil Business reported.
STX said its largest shareholder had been changed from the state-run Korea Development Bank (KDB) to AFC Mercury, which was launched jointly by the Chinese Academy of Agricultural Sciences and the country’s major banks and state entities.
