[THE INVESTOR] Hanjin Shipping has sold its entire stake in Tan Cang Cai Mep International Terminal in Vietnam to its affiliate in order to secure liquidity, the ailing shipper announced July 13.

The firm, which had a 21 percent stake in the terminal, sold the entire rights priced at 23 billion won (US$ 20 million) to Hanjin Transport, which runs the land transport service under Hanjin Group, during the board meeting on July 12. 

The move came after the government and creditors, led by state-run Korea Development Bank, pushed Cho Yang-ho, the chairman of Hanjin Group, to pour more cash to the ailing shipping arm of the company.

Hanjin Shipping in April announced the plans to raise about 411 billion won (US$ 358 million) under its debt revamp plan by selling its key assets and rights. The shipper has secured over 267 billion won through selling assets such as the company’s trademark rights for 74.2 billion won, operating rights on Southeast Asian routes for 62.1 billion won, London and Tokyo buildings for 32.2 billion won and 8.2 billion won, respectively.

“We will focus on improving our financial structure to overcome the liquidity crisis,” an official at the Hanjin Shipping said.

By Ahn Sung-mi (sahn@heraldcorp.com)