[Photo by Hanjin Transportation Co.]

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South Korea’s logistics company Hanjin Transportation Co. sold its car rental business to Lotte Rental to focus on its core delivery and logistics business, the company said Wednesday.

Hanjin signed a contract with Lotte Rental, the operator of the country’s No.1 car rental company Lotte Rent-A-Car, to transfer its 60 billion won ($48.5 million) worth asset of 3,000 units of vehicles on Tuesday. They plan to completely close the deal next month.

The company raised around 40 billion won last year by selling bus terminals in eastern and western Daegu. It will continue to dispose of its non-core assets and unprofitable properties this year.

The proceeds will be used to upgrade infrastructure and establish automated facilities to strengthen competitiveness in its core parcel delivery business.

“We will spare no effort to enhance our corporate value by strengthening core competencies and improving management efficiency,” an official from Hanjin said.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]