It is reported that Korean box carrier Hanjin Shipping will be split into two companies in order to allow subsidiaries to focus on their core businesses.

At a special meeting held recently, shareholders approved a plan to divide Hanjin Shipping into Hanjin Shipping Holdings, a holding company, and Hanjin Shipping, an operating company.

Mr Kim Young Min president & CEO of Hanjin Shipping said that "The 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."

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, stockholders with 1 share of the former Hanjin Shipping will be given 0.16 share of Hanjin Shipping Holdings and 0.83 share of the new Hanjin Shipping.

(Sourced from www.ifw-net.com)