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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Hanwha Energy gained approximately 600 billion won in profit last month when it transferred its 7.3% stake in Hanwha Ocean to Hanwha Aerospace for 1.3 trillion won.
According to investment banking (IB) sources on Wednesday, Hanwha Energy and Hanwha Impact Partners sold their 7.3% stake in Hanwha Ocean to Hanwha Aerospace for 1.3 trillion won last month.
Hanwha Energy holds a 52.1% stake in Hanwha Impact, which fully controls Hanwha Impact Partners. The transaction, which involved a share transfer within the Hanwha group, benefitted Hanwha Energy the most, with key figures in the company, such as Vice Chairman Kim Dong-kwan (50%), President Kim Dong-won (25%), and Vice President Kim Dong-seon (25%), benefiting significantly.
In 2023, Hanwha Group became the largest shareholder of Daewoo Shipbuilding & Marine Engineering (now Hanwha Ocean) by securing a 49.3% stake through a 2 trillion-won capital increase (at a price of 19,150 won per share). At the time, Hanwha Aerospace invested 1 trillion won (52.22 million shares), Hanwha Systems 500 billion won (26.11 million shares), Hanwha Impact Partners 400 billion won (20.89 million shares), and Hanwha Energy 100 billion won (5.22 million shares).
Last month, Hanwha Aerospace purchased 7.2% of Hanwha Ocean (22.38 million shares) from Hanwha Energy and Hanwha Impact Partners at 58,100 won per share, increasing its stake to 30.44%. The share price was set at the market's closing price on the transaction day without any discount.
The business community interprets this as Hanwha's attempt to comply with the "30% rule" under the Fair Trade Act, which requires a grandchild company to own more than 30% of the shares. Hanwha Aerospace stated that the move was aimed at enhancing synergy in defense and shipbuilding, as well as increasing corporate value through global export expansion.
However, some IB sources criticize that Hanwha Aerospace's large cash expenditure and the decision to push for a 3.6 trillion-won capital increase could ultimately result in significant gains for the owners. There has also been criticism that Hanwha Aerospace, after investing a large sum in shares, is now turning to a rights offering to raise funds. Hanwha Group revealed that it plans to invest 980 billion won in Hanwha Aerospace's capital increase.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
