Hanjin Shipping holds special shareholder meeting

Hanjin Shipping announced that it held a special meeting of shareholders on October 10 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, ?he 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, ?ach 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 shares of Hanjin Shipping Holdings and 0.8383638 shares of the new Hanjin Shipping. The face value per share will remain the same. Stock trading 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 between the holding and the operating companies resulting in improving its business results and strengthening its core businesses.