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South Korea's STX Offshore & Shipbuilding Co Ltd is planning to sell its shipyards in China as it tries to cut its mounting debts.
STX Offshore's Chinese arm STX Dalian Shipbuilding Co is seeking a capital boost through sales of 40 percent of its shares, according to the company.
"With the help of Dalian Municipal government, Chairman Kang Duk-soo is in talks with some Chinese companies about the share sales," the company told Chinese domestic media .
The group set up its Dalian arm in 2007 with an investment totaling $1.5 billion. Presse d by mounting debts, the group said it is also considering selling shipyards in France and Finland.
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