Hanjin Shipping to be Delisted Today

File Image: a Hanjin Boxship underway (CREDIT: Hanjin)

By Aiswarya Lakshmi

Hanjin Shipping, once the country's top shipping
line, will be delisted from the domestic bourse today (March 7),
ending its eight-year trading history, Yonhap News Agency said
citing industry sources.

According to the Korea Exchange (KRX) the company will be
delisted from the main KOSPI market after seven sessions of
sell-off trading. It was listed on the bourse Dec. 29, 2009, at
21,300 won ($18.41). It reached a record high of KRW 38,694 per
share in January 2011.

Hanjin Shipping was put under court receivership in September
last year, as its creditors, led by the KDB, rejected its
self-rescue plan.

After being declared bankrupt on Feb. 9, the country's bourse
operator, the Korea Exchange, has allowed investors to unload
Hanjin Shipping stocks.

After the shipper, previously the nation's largest shipping firm
and the world's seventh largest, went into court receivership in
September last year, the company's shares have fallen prey to
speculators' predatory flipping. Its stock price fell below 1,000
won ? the smallest note in the Korean currency.

The company's total assets were valued at KRW 4.34 trillion while
shareholder's equity showed a deficit of KRW 2.35 trillion,
Alphaliner said.

Mar 6, 2017

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