The company said its board of directors voted to separate the company into holding company Hanjin Shipping Holdings Co. Ltd. and an operating company, Hanjin Shipping Co. Ltd. It said this would give Hanjin Shipping tools necessary to ensure an independent business operation, improve corporate transparency, allow subsidiaries to focus on their core business and strengthen risk management.
Shareholders will receive shares in the two new companies, determined by ratio of net assets in each company. The company will hold a shareholder meeting on the issue Oct. 28 and with the official separation planned for Dec. 1.
