(Yicai Global) March 2 -- China's Changjiu Logistics intends to splurge EUR18.3 million (USD22 million) to buy a stake in Polish finished vehicles carrier Adampol, owned by South Korea's Hyundai Motor Group.
Changjiu Logistics will purchase a 30 percent stake in Adampol which will turn into a joint venture between the Chinese firm and the South Korean carmaker's unit Glovis Europe, the Beijing-based company said in a statement yesterday.
Białystok-based Adampol, Hyundai's core logistics provider in Europe, has business in countries including Spain, Belgium, and Russia. It has 400 transport vehicles and roughly 400,000 square meters of warehouse space around the world, including Poland's Malaszewicze, a station along the China-Europe Railway Express.
The deal will help Changjiu Logistics to carry out automotive import and export business and offer reliable transport services to carmakers that produce vehicles in China but want to sell them in Europe, the statement added.
Changjiu Logistics' stock price [SHA:603569] was 0.4 percent down at CNY7.11 (USD1.10) in the afternoon amid the Shanghai Composite Index's 1.2 percent decline.
Editor: Emmi Laine, Xiao Yi