[Alpha Biz=(Chicago) Reporter Kim Jisun] The Korea Deposit Insurance Corp. announced on the 30th that it has sold 767,714 shares of Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering) held by the Public Fund Repayment Fund to recover about 530 million won worth of public funds.

Hanwha Ocean shares were incorporated into the public fund repayment fund when the Korea Asset Management Corporation's bad loan settlement fund was liquidated in February 2013 and currently hold 2,325,577 shares. The Korea Deposit Insurance Corporation was selected by the Public Fund Management Committee in August this year as an agency for Hanwha Ocean stock management and sale.

The Public Fund Redemption Fund recently sold all 767,714 shares of the preemptive rights allocated according to Hanwha Ocean's share ratio due to Hanwha Ocean's decision to increase shareholder allocation. Separately, Hanwha Ocean shares held by the Public Fund for Repayment will also be sold in consideration of market conditions.

 

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