Funds to be Used to Support MASGA Project and LNG Business Expansion
According to the Financial Supervisory Service’s electronic disclosure system on Sept. 5, Hanwha Impact Partners sold all of its 13,075,691 Hanwha Ocean shares to multiple foreign institutional investors through an after-hours block deal on the previous day. The sale price was 107,100 won per share, totaling approximately 1.4 trillion won.
Following Hanwha Impact Partners’ share sale, the stake held by Hanwha Aerospace, the largest shareholder of Hanwha Ocean, and its specially related parties has decreased from 46.28% to 42.01%.
Hanwha Impact Partners initially invested 400 billion won when Hanwha Group acquired Hanwha Ocean in 2023, and further invested 125 billion won through a capital increase in August of the same year, securing a 9.26% stake in Hanwha Ocean.
In March this year, Hanwha Impact Partners sold a 4.99% stake (15,275,035 shares) in Hanwha Ocean to Hanwha Aerospace for approximately 887.5 billion won. Including this block deal, Hanwha Impact Partners has sold its Hanwha Ocean shares, initially purchased for 525 billion won, for a total of 2.2875 trillion won, realizing a profit of about 1.76 trillion won. Hanwha Impact Partners’ largest shareholder is Hanwha Energy, which is 100% owned by Hanwha Chairman Kim Seung-yeon’s three sons.
Hanwha Group plans to allocate the funds secured by Hanwha Impact Partners to investments related to the MASGA project. The funds will also be used for liquefied natural gas (LNG) business and debt repayment. Last month, during the Korea-U.S. summit, Hanwha Group announced plans to invest an additional $5 billion (approximately 7 trillion won) in Hanwha Philadelphia Shipyard in the United States.
Source: BusinessKorea
