Hanjin Shipping shares rebound amid fresh loans
SEOUL: Shares of South Korea’s struggling Hanjin Shipping rebounded strongly yesterday on news it will receive fresh funds of almost US$100 million (RM410 million), after its collapse caused global turmoil on the high seas.
The shares in the world’s seventh largest shipping company jumped some 30% after Korean Air, its largest stakeholder, late Wednesday approved an emergency loan of 60 billion won (RM221.4 million) to Hanjin Shipping. Its largest creditor, Korea Development Bank, agreed to lend up to 50 billion won to Hanjin Shipping.
News of the fresh loans sent Hanjin Shipping shares soaring 29.6% to close at 1,160 won yesterday. – AFP