Hanjin Transportation Co., the overland transportation and delivery unit of Hanjin Group, said Thursday that it sold its entire stake in Korean Air Lines Co, a move aimed at streamlining the group's complex governance structure.

In a block deal, Hanjin Transportation sold a total of 5,792,627 shares of Korean Air for 37,700 won ($32.85) apiece, 4.4 percent lower than their closing prices in the previous day, the company said in a regulatory filing. The deal was worth 216.9 billion won.

The move comes about a week after the company tried in vain to offload its entire stake in the airline unit of Hanjin Group apparently due to weakened investor sentiment dented by growing jitters in China.

The stake sale had been pushed as part of efforts to streamline the group's circular governance structure, placing Hanjin KAL at the top of the ownership structure as the official holding firm of all its business units.

Shares of Hanjin Transportation jumped 5.82 percent to 52,700 won on the Seoul bourse, while Hanjin KAL shares also closed up 1.35 percent at 30,000 won. Korean Air shares ended flat at 39,450 won. (Yonhap)