News / Pan Ocean sells Hanjin KAL shares to build war chest for HMM bid

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South Korean shipping group Pan Ocean has sold its 5.8% stake in Hanjin KAL, the holding company of Korean Air Lines (KAL), for $120m.

Pan’s parent, poultry processor Harim Group, is working to raise funds to acquire the flagship container line HMM.

Pan Ocean, primarily a dry bulk ship operator, bought the stake in Hanjin KAL in 2022 as a pure investment move.

The state took control of HMM after swapping debt for equity in 2016, the shares held by Korea Development Bank ...