STX Pan Ocean pumped in $3m to increase its stake in a joint venture firm STX Brazil Maritima. Upon completion of the investment, STX Pan Ocean’s percentage of equity in STX Brazil Maritima will increase to 94.6% from 84.4%.
“The additional investment is to strengthen the capital base of the joint venture company and to finance its working capital requirements,” STX Pan Ocean said in a statement on Wednesday.
The investment in the joint venture firm is funded by cash, the Singapore-listed shipping firm said.