Korea Express Co., Korea’s largest logistics firm, said Monday that it is seeking to post 2.35 trillion won ($2.09 billion) in sales this year, up around 10 percent from last year.
The company is also targeting an operating income of 157 billion won in 2011.
Last year, Korea Express was estimated to have logged an operating income of 130 billion won on sales of 2.16 trillion won.
Major shareholders of Korea Express ― Asiana Airlines Inc., a Kumho Asiana Group subsidiary, and Daewoo Engineering & Construction Co. ― are considering selling a combined 47.9 percent stake in the company, worth about 1.05 trillion won ($936.1 million) at Friday’s closing share price.
The sale would help cash-strapped Kumho Asiana Group secure further liquidity after the group sells Daewoo Engineering & Construction to key creditor Korea Development Bank for $1.9 billion this month.
A KDB spokesperson said the lender aims to complete the sale of Korea Express by June.
A private equity fund led by KDB is the biggest shareholder of Daewoo Engineering & Construction.
(From news reports)
