Seoul: Hanjin Shipping has announced that an agreement was reached at the Board of Directors Meeting to separate the company into Hanjin Shipping Holdings Co., Ltd., a holding company and Hanjin Shipping Co., Ltd., an operating company.
With this decision, the former Hanjin Shipping will be divided into Hanjin Shipping Holdings focusing on managing the subsidiaries and Hanjin Shipping Co., which maintains full control over the existing shipping business.
"Hanjin Shipping has come to understand the need of implementing an advanced corporate governance system which will allow the company to cope with the rapidly changing business environment and secure its future-oriented corporate structure for sustainable growth," it said in a release.
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. Hanjin Shipping will be opening a temporary shareholders' meeting on forthcoming October 28th concerning the issue. Also, after the official separation on December 1st, the companies will be re-listed on December 29th. [16/09/09]
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