Journalist

Cho Jae-hyung
  • AI firm among two bidders seeking to acquire Homeplus
    AI firm among two bidders seeking to acquire Homeplus SEOUL, October 31 (AJP) - An artificial intelligence company has joined the bid to acquire Homeplus, the troubled South Korean retail chain now under court-led rehabilitation. Homeplus said Friday that multiple bidders had submitted letters of intent by the deadline. While Homeplus did not reveal details of the participants, one bidder is reportedly Harex InfoTech, an AI solutions firm. The AI firm reportedly plans to raise about $2 billion in the United States to finance the acquisition. Under the current sale plan, all common shares held by majority shareholder MBK Partners would be canceled, except for preferred shares, and new shares issued to the successful bidder. In 2015, MBK Partners, a private equity firm, acquired a 100 percent stake from British supermarket chain Tesco Plc for 7.2 trillion won (about $5.2 billion at the time). But a prolonged slump in the discount store industry, compounded by competition from online platforms, left the company financially distressed. It eventually entered court-led rehabilitation proceedings in March. Samil PwC, the lead manager for the open bidding process, said it will review the letters of intent and financing plans before signing non-disclosure agreements with the qualified bidders. The due diligence will run from Nov. 3 to 21, with final bids due by Nov. 26. The identity of the second bidder remains undisclosed. NongHyup, previously mentioned as a potential participant, did not submit a letter of intent. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-31 17:09:41
  • CJ Logistics expands US cold chain network with new Kansas hub
    CJ Logistics expands US cold chain network with new Kansas hub SEOUL, September 28 (AJP) - South Korea's CJ Logistics said Sunday it has opened a new cold chain logistics center in New Century, Kansas. The facility is specifically designed to manage the storage and transport of refrigerated and frozen goods, utilizing specialized temperature control systems to maintain product freshness and quality. The new center's proximity to major highways allows for fast, same-day transport to key Midwestern cities, the company said. The facility boasts a direct connection to the BNSF railway, which links the western and central United States. Furthermore, the nearby CPKC railway provides access for continental transport across North America, connecting Canada, the U.S., and Mexico. This multimodal capability allows the center to reach an estimated 85 percent of the U.S. within two days. The Kansas center opening follows the launch of a 24,904-square-meter cold chain center in Gainesville, Georgia, a key frozen poultry production area, which opened last year. Kevin Coleman, CEO of CJ Logistics America, emphasized the importance of the expansion. "High-value cold chain logistics require stringent temperature control and quality maintenance, demanding expertise and trust," he stated. "We aim to strengthen our North American cold chain supply network with advanced technology." CJ Logistics America currently operates over 70 logistics centers across 17 states, including Illinois, California, and Georgia, offering comprehensive logistics services such as warehouse management, transport management, and consulting. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-28 15:11:12
  • Emart24 becomes first Korean convenience store in Laos
    Emart24 becomes first Korean convenience store in Laos SEOUL, September 28 (AJP) - South Korean convenience store chain Emart24 announced its entry into the Laotian market, Sunday, becoming the first Korean convenience store brand to establish a presence in the country. The entry follows a strategic franchise agreement with Laos-based conglomerate, Kolao Group. The partnership will see Emart24 convert 50 existing KOK KOK MINI convenience stores, currently operated by Kolao Group, into Emart24 outlets, alongside the opening of new locations. Kolao Group, founded by Oh Se-young in 1997, is a diversified conglomerate with interests spanning from car assembly and sales to finance, platforms, construction, and leisure. Since 2023, the group has also operated hypermarkets and convenience stores under its proprietary KOK KOK brand. Emart24 currently operates seven stores in Cambodia, 102 in Malaysia, and one in India. Emart24 is positioning its new Laotian stores to capitalize on the country's youth demographic, who are demonstrating a growing affinity for Korean culture, including K-food, K-content, and K-beauty. Emart24 CEO Choi Jin-il, said, "We anticipate this expansion will not only boost exports of our private label products but also open new markets for South Korean small and medium-sized businesses." * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-28 15:02:04