STX Group, a South Korean shipping and shipbuilding conglomerate, said Monday that it has chosen Orix Corp. of Japan as a preferred bidder for a major stake in its energy unit.

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.

The group plans to sell a 39.9 percent stake in its energy affiliate STX Energy Co. Other STX affiliates such as STX Corp. hold a combined 90.99 percent share of STX Energy.

STX Group said it will seek to sign a contract next month for the deal.

STX Energy posted an operating income of 66.3 billion won ($59.2 million) on sales of 1.02 trillion won last year. (Yonhap News)