Hanjin sells majority stake in bulk carrier to PE fund

[SINGAPORE] Hanjin Shipping Co, South Korea's largest sea-cargo carrier, has said it will sell a majority stake in its bulk-shipping company as part of a plan to raise cash and cut debt.

Hahn & Co, a South Korean private equity fund, will pay 300 billion won (S$359 million) for a 76 per cent stake in Hanjin Shipping's bulk-carrier business, the cargo carrier said in an e-mailed statement yesterday.

The Seoul-based liner will hold the rest.