Korean Air and Sinotrans Air Transportation Development, a subsidiary of China's biggest logistics company Sinotrans Limited, will invest US$43.85 million in a new cargo terminal at Tianjin Binhai International Airport.
Korean Air and Sinotrans Air will hold a 47% and 20% stake in the joint venture respectively. The rest will be held by Korea Airport Service (15%), Hanjin Transportation Co, Ltd (10%), and Tianjin Dongfang Credit Investment Company Ltd (8%).
The investment is aimed at strengthening Korean¡¯s position in the China market.
"Establishing a joint venture between the largest logistics companies in Korea and China is a significant milestone for the future development of both entities," said Yang Ho Cho, chairman and CEO of Korean Air at the signing ceremony in Tianjin today.
"Through the continuous investment, we aim to further develop this successful partnership," Cho added.
A total of US$43.85 million will be invested in the new cargo terminal.
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