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Photo = Hanwha Aerospace |
[Alpha Biz= Kim Jisun] Remaining 1.3 Trillion Won to Be Secured Through Affiliates Owned by Chairman's Sons
Hanwha Aerospace (Hanwha Aero) has announced a revision to its previously planned capital increase, reducing the size of its rights offering from 3.6 trillion won to 2.3 trillion won.
The remaining 1.3 trillion won will be raised through affiliated companies such as Hanwha Energy, in which the three sons of Hanwha Group Chairman Kim Seung-yeon are major shareholders.
On Tuesday, Hanwha Aerospace held an emergency strategic briefing at the Hanwha Building in Jung-gu, Seoul, to present its updated fundraising plan and future growth strategies. Ahn Byung-chul, Head of Strategy at Hanwha Aerospace, stated, “We deeply regret not providing sufficient explanation for what would have been the largest rights offering in the history of the Korean stock market. Even if a decision is right from a business perspective, we decided it is not something to push through without support from shareholders, civic groups, regulators, and political circles.”
Although the company will reduce the size of the rights offering allocated to shareholders to 2.3 trillion won, it still plans to secure the original 3.6 trillion won for investment as initially intended. To achieve this, Hanwha Energy, Hanwha Impact Partners, and Hanwha Energy Singapore—three affiliated companies—are being considered as participants in a third-party allotment worth 1.3 trillion won.
This move is part of a broader strategy to address concerns about succession funding. By channeling the 1.3 trillion won that had previously moved from Hanwha Aerospace to Hanwha Energy through the Hanwha Ocean share transaction back into Hanwha Aerospace, the company aims to mitigate criticism and ensure transparency in its capital management.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
