ID :
51121
Wed, 03/18/2009 - 11:33
Auther :
Shortlink :
https://www.oananews.org//node/51121
The shortlink copeid
Hyundai Logistics, China's Cosco to form joint venture
SEOUL, March 18 (Yonhap) -- South Korea's Hyundai Logistics Co. and Chinese firm Cosco Logistics Co. have agreed to establish a joint venture to expand their services in Northeast Asia, Hyundai said Wednesday.
Hyundai will take a 51-percent stake in the 5-billion-won (US$3.5 million)
venture, named Hyundai Cosco Logistics Co., with the Chinese partner controlling
a 29-percent stake.
The remainder will be owned by Hyundai's affiliates, the South Korean firm said
in a statement.
Hyundai said the new entity, which will be based in the South Korean port city of
Busan, will help boost delivery orders from South Korea, China and Japan.
(END)
Hyundai will take a 51-percent stake in the 5-billion-won (US$3.5 million)
venture, named Hyundai Cosco Logistics Co., with the Chinese partner controlling
a 29-percent stake.
The remainder will be owned by Hyundai's affiliates, the South Korean firm said
in a statement.
Hyundai said the new entity, which will be based in the South Korean port city of
Busan, will help boost delivery orders from South Korea, China and Japan.
(END)
