China shipping line sets up logistics park JV in Thailand

Bangkok: A new joint venture (JV) has been formed in Thailand to promote and develop logistics park services in the country.

The JV will be owned 49% by SITC Logistics, a subsidiary of privately owned Chinese shipping line SITC; and 51% by Thailand-based Viboon Enterprise, with registered capital of THB25m ($761,000).

The new company will have an operation term of 10 years, commencing from the date of the first business license issued by the Administration Department in Thailand.

"The entering into the agreement is in line with the group's development plan, and will further enhance the group's market position and enlarge the group's market share in such area, which is in line with the group's long-term business objective," SITC International said." [31/12/14]