Shares of Singapore-listed shipbuilder STX OSV (STXO.SI) fell as much as 4% on Monday to over a 3-week low on news that its parent is mulling selling an additional stake in the firm, traders said.
At 9:58 a.m., shares of STX OSV were 4.1% lower at $1.17 with over 6 million shares changing hands.
At 9:58 a.m., shares of STX OSV were 4.1% lower at $1.17 with over 6 million shares changing hands.
South Korea’s STX Group said it was considering selling an additional 20% stake in STX OSV, worth around 260 billion Korean won in May or June.
“The market is reacting to news that its parent may sell a stake in the firm and investors are concerned about whether the pricing of the share sale will be done at a discount,” said an analyst.
Another dealer said the recent drop in the Baltic Exchange’s main sea freight index <.BADI>, which tracks rates to ship dry commodities, was another dampener for the stock.
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