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Photo = Yonhap news |
[Alpha Biz= Paul Lee] Hanwha Ocean's shares plunged around 12% on April 29 following news that the Korea Development Bank (KDB) would sell part of its stake in the company. According to the Korea Exchange, Hanwha Ocean closed at KRW 78,500 on the Korea Composite Stock Price Index (KOSPI), down 12.09% from the previous trading day.
Earlier in the day, KDB announced it had signed a block deal to sell 13 million shares (equivalent to a 4.2% stake) in Hanwha Ocean. The selling price was KRW 81,650 per share—approximately 8.57% lower than the previous day's closing price of KRW 89,300. The total value of the sale is about KRW 1.006 trillion, with settlement scheduled for May 2.
KDB initially acquired its stake in Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering) in 2000 through a debt-for-equity swap. The sale marks the first partial recovery of its investment in 25 years. KDB stated that it plans to eventually sell its remaining shares in the company.
Following the news, iM Investment & Securities downgraded its investment rating on Hanwha Ocean from “Buy” to “Hold.”
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
