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Hanjin KAL Corp. has sold all of its stake in its own Jin Air budget carrier unit. South Korea's flagship airliner, Korean Air, has been named as the buyer.
As per Yonhap News Agency, Hanjin KAL stated that the decision to sell its stake was approved by the board during a meeting that was held on early Monday, June 13. The company sold all of its 54.91% stake, which is equivalent to more than 28.6 million shares, to Korean Air for KRW604.8 billion or $470 million in US dollars.
The ownership will be transferred on Wednesday when the sale is set to be completed. The sale will return Jin Air to Korean Air as its subsidiary after nine years. KAL lost Jin Air due to financial troubles in the past, and the budget carrier was reorganized under Hanjin KAL. Jin Air was originally launched by Korean Air in 2008.
The move to sell its entire Jin Air stake to Korean Air was said to be part of the company's reorganization of its governance structure to resolve regulatory problems since it is currently undergoing the process of merging its Korean Air with Asiana Airlines.
In a report, it was said that the sale of the stake is expected to make Hanjin KAL's financial structure better. It will also help with the reorganization of its corporate governance.
"This will be an opportunity to lay the groundwork for the launch of integrated LCCs including Korean Air and Asiana Airlines' integrated carrier (FSC) and Jin Air, which are currently being promoted," Hanjin Kal said in a statement. "The sale of Hanjin Kal's stake in Jin Air is a transfer of shares within the same affiliate group and does not affect Korean Air's ongoing overseas business combination report related to the acquisition and integration (M&A) of Asiana Airlines."
The company added that the incorporation of Jin Air to become Korean Air's subsidiary had created an environment where the companies can easily respond to the changing demand of the air passengers. Finally, once the merger of Korean Air and Asiana Air is completed, Hanjin KAL is also planning to launch an integrated lineup of budget carriers by combining Jin Air with Asiana's Air Seoul and Air Busan low-cost airlines.
