Bumhan Industries becomes STX's largest shareholder as the company accelerates efforts to restore normal operations

[Financial News] Global general trading company STX is accelerating efforts to restore normal operations with Bumhan Industries as its new largest shareholder. Having secured approval of its rehabilitation plan and completed the process to change its largest shareholder, the company plans to move ahead in earnest with stabilizing management and restoring business competitiveness.
STX announced on the 14th that Bumhan Industries had secured a 94.89% stake and become its new largest shareholder.
The change in largest shareholder follows the Seoul Rehabilitation Court's approval of STX's rehabilitation plan on September 16. Bumhan Industries took part in a 68 billion won capital increase through a third-party allotment, securing a 94.89% stake in STX, and completed the process to change the largest shareholder on the 13th. 
STX has been taking steps to restore normal operations since filing for rehabilitation proceedings late last year. The change in largest shareholder is seen as having established a new governance structure and laid the groundwork for implementing the rehabilitation plan and stabilizing business operations.
Going forward, STX plans to reorganize its management structure, including appointing executives in accordance with the rehabilitation plan, and focus on restoring the competitiveness of its existing businesses and stabilizing management. It also plans to explore potential business cooperation with Bumhan Industries by leveraging its global trade network.
An STX representative said, "This change in largest shareholder is an important turning point in restoring normal operations. Drawing on STX's global trade network and Bumhan Industries' business capabilities, we will explore opportunities for mutual cooperation and identify new growth opportunities." 

[email protected] Im Su-bin Reporter