[Alpha Biz= Reporter Kim Jisun] On the 17th, Hanwha Systems (272210) announced through the electronic disclosure system that it would conduct a rights offering of 64,000 shares of its U.S. subsidiary, HS USA Holdings.

HS USA Holdings is a special purpose company (SPC) established by the Hanwha Group to acquire a stake in a U.S. shipyard. Hanwha Systems owns 100% of HS USA Holdings.

The face value of the 64,000 shares is 143,490 KRW per share, and the company plans to raise a total of 91.83 billion KRW. Of this amount, 86.09 billion KRW will be used to fund the acquisition of the U.S. shipyard, while 5.73 billion KRW will be allocated for SPC operational expenses.

In June, Hanwha Systems and Hanwha Ocean (042660) agreed to jointly acquire a 100% stake in the Philadelphia shipyard in Pennsylvania for a total of 100 million USD (approximately 1.43 trillion KRW). Hanwha Systems and Hanwha Ocean will hold 60% and 40% of the shares, respectively.

The acquisition of the Philadelphia shipyard by the Hanwha Group is a key step in entering the U.S. merchant and defense markets. Under the Jones Act, only vessels built or substantially modified in the U.S., or those registered for U.S. maritime transport with U.S. citizens aboard, are granted U.S. domestic shipping rights.

The Philadelphia shipyard, a U.S. subsidiary of Norwegian energy company Aker, specializes in building large merchant ships that operate along U.S. coasts. Since its establishment in 1997 at the site of the U.S. Navy's former Philadelphia Shipyard, it has supplied about 50% of large vessels such as oil chemical carriers (PC ships) and container ships built in the U.S.

 

 

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