[THE INVESTOR] Hanjin Group chairman Cho Yang-ho sold shares in an unlisted company on June 14 to purchase new stocks that will be issued by Hanjin KAL.
Hanjin KAL is a holdings firm affiliated to Hanjin Group.
The Investor.
Cho sold 84,530 shares of Jungseok Enterprise Co. for 25.1 billion won ($21 million). Jungseok Enterprise is a property management company also affiliated to the group. Following the sale, Cho’s stake in the company fell from 27.21 percent to 20.34 percent.
As for Hanjin KAL, the company plans to raise about 90.8 billion won to repay the short-term debt that resulted from the company’s acquisition of Hanjin Shipping’s trademark rights.
By Choi He-suk (cheesuk@heraldcorp.com)