Panocean acquires additional 5% stake in Hanjin KAL

Panocean's oil tanker [PANOCEAN]

Panocean acquired an additional 5 percent stake in Hanjin KAL from Hoban Construction for 125.9 billion won ($95.3 million), increasing its total stake to 5.8 percent and becoming the fifth largest shareholder.

The sale was carried out as a block deal after the market's close on Tuesday.

The stake of Hoban Construction, the second largest shareholder of Hanjin KAL both before and after the share transaction, fell to 11.44 percent.

The construction company sold its stake at a loss, having initially purchased the stake for 60,018 won per share. It sold the 5 percent stake to Panocean at 37,715 won per share.

Panocean is a shipper under Harim Holdings, owned 54.72 percent by the company. Panocean said it is only making a strategic investment.

"We only acquired an additional stake in Hanjin KAL as an investment, expecting share prices to rise and earning dividends," said a spokesperson for Panocean.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]