Korean firm plans to acquire GemadeptKorea’s Taekwang Industrial Co Ltd has submitted a letter with intention to acquire Gemadept Corporation, Vietnam’s largest logistics firm, as part of efforts to establish a logistics network in Southeast Asia. Gemadept Corporation is Vietnam’s one of largest logistics firms. Founded in 1990, Gemadept has several subsidiaries in the areas of logistics, port operations and real estate development. Gemadept’s share price has increased sharply recently following information that the enterprise can withdraw capital from subsidiaries in logistics, selling its entire 15 per cent stake in Gemadept Tower. In 2014, Gemadept sold 85 per cent stake in Gemadept Tower to the Korea’s CJ Group.

Source: VietNamNet News May 24, 2017 09:33 UTC