Korea Express to purchase Kumho Terminal

By Nam Kwang-sik
SEOUL, Sept. 16 (Yonhap) -- Korea Express Co., South Korea's leading logistics
company, said Wednesday it has decided to acquire the entire stake of Kumho
Terminal.
To that end, Korea Express will invest 219 billion won (US$180.8 million) to
purchase 10 million shares or a 100-percent stake in Kumho Terminal, owned by
Kumho Industrial Co., a construction unit of Kumho Asiana Group.
"The acquisition is aimed at creating a synergy effect by integrating Kumho
Terminal into Korea Express," a company official said.
Kumho Terminal currently operates a total of 18 express bus terminals across the
country.
Meanwhile, Korea Express, an affiliate of the Kumho group, also decided to spin
off its car rental division. As of the end of August, Korea Express accounted for
23.9 percent of the nation's car rental market.
ksnam@yna.co.kr
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