Strengthening Cooperation After Selling Hong Kong Subsidiary to Worldwide Champion
General trading company STX is teaming up with Worldwide Champion, a trading firm specializing in raw material transactions in the Indian market, to aggressively target the Indian market.
On the 20th, STX announced that it signed a Stock Purchase Agreement (SPA) to sell 100% of the shares of its Hong Kong subsidiary STX Asia to Worldwide Champion, a trading company with extensive experience in raw material transactions in South Asian markets including India, for approximately 11.9 billion KRW, thereby strengthening overseas business cooperation. This is a follow-up measure taken after signing a partnership agreement with Worldwide Champion for entry into the Indian market.
Through this, STX plans to actively target the Indian market based on the business-to-business (B2B) platform "Trolligo," which was launched at the end of November last year. As of mid-month, India ranked first with 57.8% of Trolligo users by country. Local Indian companies in raw materials such as aluminum and textile fabric companies have joined as corporate members.
An STX official said, "Through this agreement, we plan to formalize our entry into the Indian market together with our partner company and support the expansion of Trolligo's influence in India," adding, "Through Trolligo, we will enable various items to be traded without constraints of time and space in a wider market."
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