The firm announced on Monday that Kim Seung-youn, the chairman of the Hanwha Group, had given his three sons half of his ownership in Hanwha Corp., the group’s holding company. This essentially completed the group’s leadership transition.

Kim has given his three sons a total of 11.32 percent ownership in Hanwha Corp., citing a regulatory filing.

President Kim Dong-won and Executive Vice President Kim Dong-seon each earned 3.23 percent, while Vice Chairman Kim Dong-kwan received 4.86 percent.

In the past, Kim owned 22.65 percent of Hanwha Corp., the conglomerate’s de facto parent company. He now owns 11.33 percent of the company after the transfer.

After the share transfer, Chairman Kim now controls 11.33 percent of Hanwha Corp., while Hanwha Energy Corp. now owns 22.16 percent. The younger sons each own 5.37 percent, while vice chairman Kim Dong-kwan owns 9.77 percent.

Since the three boys already hold all of Hanwha Energy, their combined ownership of Hanwha Corp. now stands at 42.67 percent, therefore giving the next generation more authority over the group’s administration.

According to Hanwha Group, Chairman Kim made the decision to give the shares away in order to put an end to needless rumors about the group’s succession and free up the firm to concentrate on its main business functions.

The action also addresses rumors that the succession planning was connected to Hanwha Aerospace Co.’s recent rights offering and purchase of a share in Hanwha Ocean.

The organization emphasized that these choices had nothing to do with the succession and were instead smart business decisions.

Foreign news outlets reported last month that German shipping company Hapag-Lloyd would choose Hanwha Ocean for its next batch of container ship newbuildings, which would cost more than 1.7 trillion won ($1.2 billion). According to international maritime news site TradeWinds, Hapag-Llyod is thinking of ordering six LNG dual-fuel container ships from Hanwha Ocean.