JINAN -- China's listed tiremaker Qingdao Doublestar said it had reached an agreement with creditors of Kumho Tire to buy a controlling stake in the tiremaker from the Republic of Korea.

Qingdao Doublestar said it will invest 4 billion yuan ($630 million) with another three state-owned companies from the eastern Chinese city of Qingdao to buy a 45 percent stake of Kumho Tire, while the creditors of Kumho Tire will hold a 23 percent stake.

The purchase is expected to be completed in the third quarter of this year.

In 2017, Qingdao Doublestar signed a deal with Kumho Tire to buy a 42.01 percent stake, but the deal was later canceled.

Founded in 1960, Kumho Tire is one of the largest tire makers in Korea and has eight manufacturing plants around the world.

Qingdao Doublestar, listed on China's Shenzhen Stock Exchange, mainly produces tires and high-quality smart devices.