Orix picked as preferred bidder for 49% stake in STX Energy

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Orix picked as preferred bidder for 49% stake in STX Energy

STX Group said yesterday it has selected Japanese financial group Orix as the preferred bidder to buy STX Energy. The group plans to sell a 49 percent stake in its energy subsidiary by October. STX Energy recorded 1.02 trillion won ($910.2 million) in sales and 66.3 billion won in operating profit last year. It chose Orix, which has assets worth 117 trillion won, because it considers the Japanese firm a “strategic partner.” Orix has shown interest in resource development and renewable energy projects conducted by STX Energy, the group said.

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