Kakao Sells Part of Hanjin Kal Shares to "Respond to Financial Market Uncertainty"
"No Plans to Defend Management Rights or Act as White Knight at Hanjin Group's General Meeting"
[Asia Economy Reporter Jin-gyu Lee] Kakao has sold a portion of its shares in Hanjin KAL.
According to industry sources on the 16th, Kakao recently sold some of its shares in Hanjin KAL, reducing its stake to below 1%. However, Kakao did not disclose the exact scale of the sale.
Kakao stated, "We sold several non-core assets proactively in response to the global spread of the novel coronavirus (COVID-19) and the resulting increased uncertainty in the financial markets," adding, "It is difficult to disclose detailed information about the sale."
In December last year, Kakao purchased about 1% of the shares of Hanjin KAL, the holding company of the Hanjin Group. At that time, Kakao's share purchase attracted attention amid an intense dispute over the management rights of the Hanjin Group, but Kakao explained that the purchase was for a business partnership without any other intentions.
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Meanwhile, Kakao has stated that it does not plan to play a role in defending management rights or acting as a white knight at the Hanjin Group shareholders' meeting.
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