CJ Group acquires majority stake in units of Vietnamese logistics firm Gemadept

Visual from CJ blog channel.

A unit of Seoul-based food and entertainment conglomerate CJ Group has acquired majority stake in two shipping and logistics subsidiaries under Vietnamese logistics firm Gemadept Corp.

CJ Logistics, formerly CJ Korea Express, has bought a 50.9 per cent stake each in Gemadept Logistics Holding, and Gemadept Shipping Holding, with both deals pegged at $85 million (97.8 billion won), The Investor reported.

The deals were made following the disclosure of CJ Logistics CEO Park Geun-tae last month that the company was interested in acquiring logistics firms in Southeast Asia to become one of the top five global firms.

A special purpose company composed of undisclosed financial investors is being set up by CJ that will invest 70 per cent in the latest acquisition, The Investor added.

Gemadebt is said to be the largest Vietnamese logistics firm that was founded in 1990 as a state-owned company, and was one of the early privatized companies.

Gemadebt owns several subsidiaries in port operation, logistics, rubber plantations, and real estate. In 2016, the company reportedly achieved annual revenue of $162 million won.

Also Read:

China: ShunWei Capital leads $100m Series C in HK-based logistics startup Lalamove

Vietnam’s Vingroup sells logistics unit, Japan’s Sagawa is likely buyer

Philippines: ICTSI gets Petron stake in Manila North Harbor for $34.3m

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.