[Special Stock] STX Soars 24% on Plan for Personnel Split in Shipping Business Division

STX is showing strong performance following the news of a spin-off in its shipping business division.

As of 9:16 AM on the 21st, STX was trading at 5,560 KRW, up 24.11% compared to the previous trading day.

At the board meeting held the previous day, a plan for a spin-off was approved to separate STX into the existing comprehensive trading company STX and a newly established shipping and logistics specialized company, STX Green Ocean. Through the spin-off, STX plans to divide the existing shares at a ratio of 8 (existing STX) to 2 (newly established STX Green Ocean). The effective date of the spin-off is July 3.

STX explained that through the spin-off, it aims to enhance the competitiveness of its trading business while focusing on the growth of its shipping business division.