South Korean business conglomerate STX Group said Tuesday it plans to set up a holding company in northeastern China's Dalian city to control its three Chinese units.
The Chinese holding firm, tentatively named "STX Dalian Investment Co" will be launched to control STX-Dalian Shipbuilding Co, STX-Dalian Heavy Industries Co and STX-Dalian Marine Engineering Co, the group said.
STX Corp, the group's de facto holding company, will invest $19.5 million in the Chinese holding firm, while its affiliate, STX Offshore & Shipbuilding Co is scheduled to inject $13 million for the company.
"The move aims at improving management efficiency for business in China," a company official at STX Corp was quoted as saying.>
