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Hanjin to select lead manager for asset sale

All Headlines 10:56 February 27, 2020

SEOUL, Feb. 27 (Yonhap) -- Hanjin Group, an airline-focused South Korean conglomerate, said Thursday it will select a lead manager in the coming months for the sale of non-core assets to improve its financial status.

Hanjin Group has sent requests for proposals (RFPs) to 12 real estate consulting firms, accounting firms, brokerages, asset management firms and trust companies, asking them to submit their proposals for the asset sale by March 24, the company said in a statement.

The company did not provide a time frame for the selection of a lead manager.

Early this month, the group's holding company, Hanjin KAL Corp., announced its plan to sell low-profit, non-core assets to focus on the mainstay airline and logistics business and enhance shareholder value.

For the whole of 2019, Korean Air's net losses widened to 624.87 billion won (US$513.74 million) from 185.65 billion won a year earlier.

Foreign exchange losses resulting from the won's weakness against the dollar and lower demand on Japanese and Hong Kong routes mainly affected the 2019 results.

Worse still, the national flag carrier expects the spreading coronavirus outbreak will deal a further blow to its earnings in the first half of 2020 if the disease continues to spread.

kyongae.choi@yna.co.kr
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