SK Holdings and Goldman Sachs plan to make a second investment in Belstar Superfreeze, after jointly buying a 20% stake earlier this year in the developer and operator of cold chain logistics centers utilizing liquefied natural gas cold energy.

Industry sources confirmed on Friday (December 18) that the South Korean conglomerate and global investment bank were discussing the possible investment.

Goldman Sachs and SK Holdings jointly invested 25 billion won ($23 million) each in Belstar Superfreeze in the first quarter of this year, and received an option to make an additional investment of 12.5 billion won each within one year after their first investment.

The two companies will acquire an additional 10% stake based on Belstar Superfreeze’s enterprise value, set at the first investment. EMP Belstar will retain its management rights.

Established in 2014 by private equity firm EMP Belstar, Belstar Superfreeze totally owns Eugene Superfreeze, which operates a logistics center in Oseong Industrial Complex in Pyeongtaek, Gyeonggi Province. It will participate in a bidding led by Incheon Port Authority (IPA) to develop cold chain logistics centers that is expected to be finalized soon.

EMP Belstar and Incheon Free Economic Zone signed a deal to build Korea’s largest cold storage facilities in Incheon, so Eugene Superfreeze is highly likely to be selected by the IPA, an industry source said.

“If Eugene Superfreeze is selected, its parent company Belstar Superfreeze’s enterprise value is likely to grow as well and it will have a positive impact on the investment made by SK Holdings and Goldman Sachs,” the source said. (Reporting by Byung-yoon Kim)