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March 7, 2008 |
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KOREA EXPRESS: Investor Sells 3.43% Stake The Korea Express Co. Ltd.'s investor Korean Developmental Bank has sold off 23,525 shares of the company, Reuters Investing Keys reports. According to the report, the shares sold were equivalent to a 3.43% stake in the company. As a result, KDB holds a 4.90% stake in Korea Express, the report adds. Headquartered in Seoul, Korea Express Co., Ltd. -- http://www.korex.co.kr/ -- provides land and marine transportation, and logistics services. The company also operates stevedoring, distribution, and warehousing businesses that serve domestic and international customer needs. Korea Express transports a variety of products, ranging from consumer goods to machinery and turbines. Korea Express also operates Internet home shopping business. Korea Express Bank has been under court receivership since June 2001 after it could not service a KRW1.5-trillion debt, including KRW919 billion owed by then-parent Dong-Ah Construction Industrial Co. Korea Express President Lee Kook- Dong will decide with a Seoul court about when to sell the company, which has a market value of US$601 million. In the company's Web site, Mr. Lee said that Korea Express will strive to end court receivership and improve its liquidity, maximize sales profit through strengthening of cooperation between management and labor, and seek continuous development. Korea Investors Service gave the company a BB rating. |
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