Harim largest shareholder for Pan Ocean

Pan Ocean announced that its largest shareholder is now Jeil Holdings (65.12%, including 15 other parties) from the Korea Development Bank (12.52%, including 1 other party) on June 26th.

"The main purpose of the change is the issuance of new stocks via paid-in capital increase for the rehabilitation plan, and the takeover of the shares is for the participation in management,?stated a Pan Ocean spokesperson.

Pan Ocean issued 340 million shares to reform financial structures via a paid-in capital increase of 850 billion won through allotting to the third party. It assigned 272 million shares (52.07%) to Jeil Holdings, the holding company for Harim Corp. and the remainder of 68 million shares (13.02%) to Poseidon 2014 LLC. Besides, Pan Ocean's 14 relatives and executives also secured 40 to 60,000 shares.

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