Han­jin Ship­ping shares re­bound amid fresh loans

The Sun (Malaysia) - - SUNBIZ -

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

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