STX (011810.KS), a global trading house, said on the 14th that Beomhan Industries has become its largest shareholder, completing follow-up steps to a rehabilitation plan approved by the Seoul Bankruptcy Court in September.
Beomhan Industries is a technology company specializing in high-pressure air compressors, fuel cells and marine cables. It secured a 94.89% stake in STX through a third-party allotment share issue worth 68 billion won ($47 million).
STX has been working toward a turnaround since filing for court-led rehabilitation late last year. With the plan approved and the change in its largest shareholder now complete, the company is seen as having laid the groundwork to focus on carrying out the rehabilitation plan and stabilizing its operations.
STX plans to overhaul its management structure, including appointing executives under the rehabilitation plan, and to restore the competitiveness of its existing businesses. "The change in the largest shareholder is an important turning point for normalizing management," a company official said. "We will maximize synergies based on STX's global trade network and Beomhan Industries' business capabilities to find new growth opportunities."