Hanjin Shipping has announced that it held a special meeting of shareholders today with regards to transforming into a holding company.
At the meeting, the shareholders approved of dividing Hanjin Shipping into Hanjin Shipping Holdings, a holding company and Hanjin Shipping, an operating company, which had been agreed by the Board of Directors back on September 16th.
Kim Young Min, President& CEO of Hanjin Shipping commented “The transformation into a holding company will allow its subsidiaries to focus on their core businesses through an independent/optimized strategy and distribution of their business resources”. He also added, “Each and every one of us at Hanjin Shipping will certainly try our best to bring positive changes and growth for the company.”
With this transformation, current Hanjin Shipping will be divided into Hanjin Shipping Holdings, a holding company focusing on investment and corporate governance and Hanjin Shipping, an operating company concentrating on its main shipping business.
Meanwhile, the stocks of Hanjin Shipping Holdings and Hanjin Shipping will be distributed to the shareholders according to the ratio of net asset of each company. The stockholders with 1 share of the former Hanjin Shipping will be given 0.1616362 share of Hanjin Shipping Holdings and 0.8383638 share of new Hanjin Shipping. The face value per share will remain the same. Also, stock exchange is to be suspended from November 27th and after the official separation on December 1st, the companies will be re-listed on December 29th.
The company added, with much support from the shareholders on its decision to transform into a holding company, Hanjin Shipping will try its best to maximize the synergy effect between the holding and the operating company resulting in improving its business results and strengthening its core businesses.