Gemadept sells majority stake in two subsidiary firmsThe Gemadept Corporation (GMD) has completed the transfer of capital in its two subsidiary firms to CJ Logistics Corporation of the Republic of Korea, the Vietnamese company has announced. Meanwhile, CJ Logistics, previously known as CJ Korea Express Corp, is looking for opportunities to acquire logistics firms in Southeast Asia, aiming to be one of five largest logistics firms globally. In the past two years, it has purchased major stakes in logistics firms in Malaysia, China, Dubai and India. Gemadept’s CEO Do Van Minh said the company would pay a special dividend rate of 85 percent this year if it completed the share sales in Gemadept Shipping and Gemadept Logistics. After paying 85-per-cent dividends, HSC estimated Gemadept could earn cumulative earnings of 2.4 trillion VND (105.7 million USD) from the two divestments.

Source: VietNamNet News October 05, 2017 10:07 UTC