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.
It has acquired an 85.3% stake in the company.
The report said this is the first time a Chinese fund has bought a Korean trading firm.
