(MENAFN) Hanjin Transportation Co. said that it sold its entire stake in Korean Air Lines Co, a move aimed at streamlining the group's complex governance structure, Yonhap News reported.
The deal was valued at USD189.33 million. In a block deal, Hanjin Transportation sold a total of 5,792,627 shares of Korean Air for USD32.85 apiece, the company said in a statement.
The move comes after the company tried to offload its entire stake in the airline unit of Hanjin Group, apparently due to weakened investor sentiment hurt by growing jitters in China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.