South Korean shipbuilding and shipping conglomerate STX said Wednesday that it is considering selling a stake in its key affiliate STX Pan Ocean Co. as part of efforts to improve its financial health.

“We are working to improve the group’s overall financial standing through sales of stakes in affiliates,” said an official at the group. Selling a stake in STX Pan Ocean “is one of our options now under consideration.”

STX Group has been seeking to sell units or list them on the local stock market as part of efforts to secure cash, thus putting its balance sheet in good shape.

Last week, the group signed a contract to sell part of its stake in its energy unit to Orix Corp. of Japan for some 360 billion won ($332 million). (Yonhap News)