Hanwha Systems' export model of the Cheongung-II Multi-Function Radar (MFR)/ Courtesy of Hanwha Systems

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SEOUL, March 07 (AJP) - South Korea's Hanwha Systems said it will sell a 1.7 trillion won ($1.2 billion) stake in its shipbuilding affiliate Hanwha Ocean to secure funds for strategic investments in the defense and information technology sectors.
The company's board on Friday approved the sale of 13.92 million shares, representing a 4.54 percent stake, at 122,100 won per share, based on Thursday's closing price. The transaction will reduce Hanwha Systems' holding in the shipbuilder to 7.03 percent from 11.57 percent. The sale amount accounts for 29.70 percent of the company's total assets and 70.35 percent of its equity capital as of the end of 2024. The shares will be sold via an off-hours block trade scheduled for April 6, with the settlement due on April 8, the company said in a regulatory filing. The deal is structured as a one-year price return swap (PRS) agreement with seven special purpose companies: The Sara First, Felix OS First, Felix OS Second, KIS ON Tenth, KIS Prime Fourth, N2 Glory First, and N2 Glory Second. Under the terms, Hanwha Systems will compensate the buyers if Hanwha Ocean's stock price falls below the benchmark price at the time of settlement. Hanwha Systems plans to use the proceeds to accelerate investments in key projects, including a South Korea-U.S. shipbuilding cooperation initiative known as MASGA (Make American Shipbuilding Great Again).
Candice Kim 기자 candicekim1121@ajupress.com

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