STX Green Logis, the South Korean shipping and logistics company that made its stock debut on Friday, renewed its vision on Monday to become the Korean version of German logistics giant DHL.
In August, the company spun off from Korean trading company STX to maximize its specialty in the logistics sector and increase operational efficiency overall.
On its first day of trading, shares closed at 32,600 won ($24), a 29.8 percent surge from the initial public offering price. For its plans going forward, the company said it will take over the bulk cargo transportation business of STX and diversify its logistics services from inland warehouse operations to launching a trading platform for business clients, called Troligo.
The company added it is beefing up trading of raw materials such as nickel, lithium and graphite. It also aims to speed up its eco-friendly energy business centering on procuring raw materials for biomass fuels and wood pellets, whose demands are growing among global power generators.
"This spinoff is a significant turning point for STX in terms of the re-establishment of the company's identity, and changes in (STX's) overall organizational structure," said an official from APC Mercury, a Seoul-based investment firm and the largest shareholder. of STX, upon Friday's IPO.
"As a native (Korean) fund that operates general trading companies, as well as logistics and shipping companies, APC Mercury will advance 'export powerhouse' companies in Korea, and further practice responsible management so that the companies' credibility can be increased for markets and customers, "he said.
As of 1 p.m. Monday, STX Green Logis shares were traded at 26,750 won per share, down 17.9 percent from Friday's closing.
