Kukje Transportation Co.,Ltd. takes more stock in Shinsundae

Kukje Transportation Co.,Ltd. now stands as the majority shareholder in the Shinsundae Terminal.
The Korea Container Terminal Authority said on February 21 that the Kukje Transportation Co.,Ltd. bid was successful at 30.1 billions, significantly higher than the asking price (27 billions). Bidding was done through a public tender for 25% (117,500) of the container terminal quota owned by the KCTA.
Korea Express, Dong Bang Express, Global Enterprise, Ltd. and KCTC were among the other bidders.
Through adding this 25% quota to its existing 10.48% quota, Kukje Transportation Co.,Ltd. has surfaced as the major shareholder of Shinsundae Terminal, occupying 35.48% of the terminal.
After contracting with Kukje Transportation Co.,Ltd. on March 3, the KCTA will release Shinsundae Terminal under private management by handing its stocks over on the condition that Kukje Transportation Co.,Ltd. pays the purchase price completely by May 2.
The KCTA now plans to use the sales income for other container terminal development.
Kukje Transportation Co.,Ltd. (President, Kim Jeong Su), established in 1967, has 3.5 billion won in capitalization and annual sales of about 84 billion won.
Shinsundae Terminal has been in operation since 1991, with 3 berths built by the Government at a cost of 185.4 billion won.