Shareholders of S Korea's Hanjin Shipping okay separation plan
Shareholders of Hanjin Shipping Co., South Korea's leading shipper, approved Wednesday a plan to separate it into two entities to simplify governance structure and sharpen its competitive edge, the company said. Hanjin Shipping will split into a holding company and an operating firm on December 1, the company said. The envisioned companies are tentatively named Hanjin Shipping Holdings and Hanjin Shipping, it added.
Shareholders of Hanjin Shipping will receive 16 shares of the holding company for each 100 shares they own in the shipper, along with 84 shares of the operating company, Hanjin Shipping said.
The two new companies are expected to be listed separately on the Korea Exchange on December 29.
Shareholders of Hanjin Shipping will receive 16 shares of the holding company for each 100 shares they own in the shipper, along with 84 shares of the operating company, Hanjin Shipping said.
The two new companies are expected to be listed separately on the Korea Exchange on December 29.