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Hanjin Shipping to sell container terminals to subsidiary

Hanjin Shipping to sell container terminals to subsidiary

Seoul: Hanjin Shipping has announced plans to sell its container terminal operations in Tokyo (Japan) and Kaohsiung (Taiwan) to Hanjin Pacific Corporation. Hanjin's joint venture with Macquarie Korea Opportunities Fund (MKOF). The sale, worth 322.3 bn won (US $35m), is said to be an effort by Hanjin to focus its services in the international cargo transport sector.

 Hanjin, which has also sold its container temrinals in the US, plans to acquire a 60% stake in both ventures taking over its US and Asian container terminal operations; while MKOF would have control of the remaining 40% of the shares.  [07/12/06]

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