Pan Ocean buys 5% of Hanjin KAL from Hoban Construction

The shipping affiliate of Harim Group acquired $95 million worth of Hanjin KAL in a block deal

Hanjin Group Building in Jung-gu, Seoul
Hanjin Group Building in Jung-gu, Seoul
Ik-Hwan Kim 1
2022-12-07 11:44:20 lovepen@hankyung.com
Companies

Pan Ocean Co., the shipping affiliate of Harim Group, on Tuesday said it bought a 5% stake or 3.3 million shares in Hanjin KAL Corp. in a block deal for 125.9 billion won ($95 million).

Pan Ocean said it bought part of the builder's shares as a simple investment and raised its stake in Hanjin KAL from 0.8% to 5.8%.

Hanjin KAL, the holding company of Hanjin Group and largest shareholder of Korean Air Lines Co., was embroiled in disputes between Hanjin Group Chairman Cho Won-tae and private equity funds over Hanjin KAL's management rights. Things calmed down after he attracted friendly shareholders as they now own a combined stake of nearly 50%.

An industry source said, "Harim Group seems to be doing a variety of investment groundwork given its considerable interest shown in entering the airline industry."

Write to Ik-Hwan Kim at lovepen@hankyung.com
#Pan Ocean #Hanjin KAL #shares #Cho Won-tae

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