Hanjin Shipping to be Delisted Today
Hanjin Shipping, once the country's top shipping line, will be delisted from the domestic bourse today (March 7), ending its eight-year trading history, Yonhap News Agency said citing industry sources.
According to the Korea Exchange (KRX) the company will be delisted from the main KOSPI market after seven sessions of sell-off trading. It was listed on the bourse Dec. 29, 2009, at 21,300 won ($18.41). It reached a record high of KRW 38,694 per share in January 2011.
Hanjin Shipping was put under court receivership in September last year, as its creditors, led by the KDB, rejected its self-rescue plan.
After being declared bankrupt on Feb. 9, the country's bourse operator, the Korea Exchange, has allowed investors to unload Hanjin Shipping stocks.
After the shipper, previously the nation's largest shipping firm and the world's seventh largest, went into court receivership in September last year, the company’s shares have fallen prey to speculators’ predatory flipping. Its stock price fell below 1,000 won ― the smallest note in the Korean currency.
The company’s total assets were valued at KRW 4.34 trillion while shareholder’s equity showed a deficit of KRW 2.35 trillion, Alphaliner said.