Hite Jinro Holdings to sell 4.2 percent stake

Hite Jinro Holdings said on Friday it will sell off 3 million of Hite Jinro shares to redeem the beverage seller’s debts and improve its overall financial health.

Hite Jinro Holdings is the parent company of Hite Jinro. The firm said the sales -- worth 80.6 billion won and amounting to a 4.2 percent stake -- would be done though after-hour trading.

Hite Jinro’s stocks fell 6.75 percent to close at 26,950 won on Friday.

(yoonmi@heraldcorp.com)