Korean Air (KE, Seoul Incheon) shareholder Hanjin Transportation has exited the airline following the sale of its 7.95% stake on Wednesday, July 15. A filing to the Korea Exchange says the overland transport and delivery unit of Hanjin Group sold a total of 5,792,627 shares in an off-market block trade. The cash transaction was valued at KRW216.9 billion (USD 189 million).
Korean Air is majority owned by Hanjin-KAL Holdings which parent Hanjin Group established in 2013 to help streamline the ownership structure of its various units.
