[Asia Economy Reporter Oh Ju-yeon] Hanjin KAL's stock price plunged 7% intraday.
It is interpreted that the news of Kim Chi-hoon, former Korea Airport Executive Director and a candidate for Hanjin KAL inside director recommended by the '3-party alliance' consisting of former Korean Air Vice President Cho Hyun-ah, KCGI, and Bando Construction, expressing his intention to withdraw his candidacy to Hanjin KAL, influenced the decline.
As of 11:03 a.m. on the 18th, Hanjin KAL was trading at 44,950 KRW, down 7.42% from the previous trading day.
At this time, foreigners and institutions sold 1.5 billion KRW and 11.6 billion KRW worth of shares, respectively.
This is understood to be an effect following Kim's announcement the previous day that he would relinquish his position as a candidate for the 3-party alliance's director.
Kim reportedly conveyed his intention to withdraw as a candidate for inside director recommended by the 3-party alliance through a letter addressed to the CEO of Hanjin KAL.
Kim emphasized, "I do not agree with the shareholder proposals advocated by the 3-party alliance, and I regret that things are proceeding very differently from my pure intentions. I fully understand Hanjin Group's position and rather support the current management team composed of fellow juniors."
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