Established in 2007 as an IT services provider, UniConverse is 85 percent owned jointly by three children of Hanjin Group chairman Cho Yangho, including Korean Air vice president and the eldest son Cho Wontae (35.04%), vice president and the eldest daughter Hyun-A (24.98%), and executive and the second daughter Hyun-min (24.98%).

 

Earlier in May this year, the group chairman had given his three children 704,000 Korean Air shares each as a gift. After the latest share purchase, the three shareholders' stake in Korean Air has increased to 1.06 percent each.

 

Effective on August 1, Hanjin Group will be transformed into a holding company structure. The newly established Hanjin KAL Holdings will be spun off from Korean Air and be listed on the stock market, with the group's publicly listed affiliates consisting of six units, including Hanjin KAL Holdings, Korean Air, Korea Airports Corporation, Hanjin Transportation, Hanjin Shipping Holdings, and Hanjin Shipping.