Kukbo forges partnership with SembLog in Singapore

Kukbo Transportation Co.,Ltd. shakes hands with SembCorp Logistics to found form a joint venture company on SCM logistics business
"SembCorp Logistics(hereafter refer to as SembLog??one of Asia? leading integrated Logistics service providers based in Singapore as well as a listed subsidiary one of affiliated companies of Asia"s foremost engineering services group - of SembCorp Industries in Singapore, bilaterally agreed to establish ajoint venture on SCM (supply Chain Management) logistics business to be based in Korea under the name of SembCorp Kukbo Logistics Co., Ltd. With ?ukbo Transportation Co., Ltd. (hereafter refer to as Kukbo??ho is a subsidiary company of stevedore / transportation / logistics division of Heung-A Shipping Company Group in Korea on July 17, 2003.
Both parties who had intentions to play roles in high valued third-party logistics service from the very beginning, carefully studied feasibility and analyses of the businessover and over, and finally agreed to form a strategic alliance.
Shares of the joint venture consisted with 51% of SembLog and 49% of Kukbo, and it will be started with a capital of 1.0 billion won, and total 10.0 billion won shall be capitalized in 1 or 2 years, according to their capital increase schedule.
Head office of the Company will be located in Seoul, Korea, and Mr. Kim Min-young current president of Kukbo will hold the position of C.E.O.President of the company. The business will be launched as from 1st OctoberSeptember 1, 2003.
SCM logostics manpower and commercial network of Kukbo shall lead the initial stage of the business, and then advanced IT system and overseas network of SembLog will generate extreme synergy effect by the ideal combination with the experienced collective transportation, warehousing and stevedoring system of Kukbo.
It is expected that Company certainly can provide high valued SCM system to logistics industry of North East Asia as well as Korea, and also can improve competitiveness of Korean companies in the world.