CJ Logistics Sells Chinese Subsidiary CJ Lokin for 733.8 Billion KRW
[Asia Economy Reporter Hwang Yoon-joo] CJ Logistics announced on the 25th that it will sell its entire stake (73.1%) in its Chinese logistics subsidiary CJ Lokin to the private equity fund Fountainvest Partners. The sale amount is approximately 733.8 billion won.
CJ Logistics established CJ Lokin in 2015 by acquiring Lokin, China's largest frozen logistics company, for 455 billion won. CJ Logistics plans to continue its business in China even after this sale.
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A CJ Logistics official stated, "This sale is part of an efficient reallocation of resources considering changes in the business environment," and added, "We plan to continuously strengthen our global business, including the existing China operations."
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