Hanjin Group becomes Hanjin KAL Holdings

Hanjin Group, nation’s top conglomerate in logistics, has officially switched into a holding company structure with the establishment of Hanjin KAL Holdings yesterday. The holding company spun off from Korean Air Lines and will be listed on the stock market

The decision to set up a holding company was approved at a board meeting in June. Hanjin Group, which is run by Chairman Cho Yang-ho, explained that the move was designed to eliminate cross-share holdings among affiliates and improve transparency.

Hanjin KAL Holdings will manage affiliates and review new businesses, while KAL will focus on airline business. The company will led by Suk Tai-soo, who is the CEO of Hanjin Transportation.