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Hanjin Group’s shipping unit selling shares of affiliatesBy Korea Herald
Published : Dec. 23, 2011 - 16:22
Hanjin Shipping has been selling its shares in major affiliates of Hanjin Group such as Hanjin Travel, which holds a 22.26-percent stake in Jungseok Enterprise.
After selling a 14-percent stake in Hanjin Travel for 12 billion won earlier this month, Hanjin Shipping sold a 2.22-percent stake in Jungseok Enterprise for 6.59 billion won.
According to the fair trade law, if an affiliate of a large conglomerate wants to separate itself from the group, the two sides should hold less than 3 percent stakes in each other.
The shipper said, however, that the latest sale was aimed at allowing Hanjin Shipping Holdings to meet the requirements of a holding company and had nothing to do with its separation from Hanjin Group.
Unlisted real estate management firm Jungseok Enterprise is Hanjin Group’s holding company in effect.
Choi Eun-young, chairwoman and chief executive of Hanjin Shipping, is the wife of the late former chairman Cho Soo-ho, brother of Hanjin Group chairman Cho Yang-ho.
Choi took helm of the shipper after her husband died in 2006.
For Hanjin Shipping’s complete separation, Hanjin Group’s 27.41-percent stake in Hanjin Shipping Holdings must be sold. Hanjin Shipping Holdings holds a 36-percent stake in Hanjin Shipping. Hanjin Group is against the shipper’s separation.
Choi owns a mere 7.13-percent stake in Hanjin Shipping Holdings.
Hanjin Group has Korean Air, Jeju Air, Hanjin Transportation, Hanjin Travel and Jungseok Enterprise among others under its wing.
By Kim So-hyun (email@example.com)
Articles by Korea Herald
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