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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Seoul – Hanwha Ocean shares fell on September 5 after news of a block deal by an affiliated company, with the discounted sale price weighing on investor sentiment.
As of 9:35 a.m., Hanwha Ocean was trading at KRW 112,900, down 5.05% from the previous session.
On the evening of September 4, Hanwha Impact Partners, an affiliate of Hanwha Ocean, sold its entire holding of 13,075,691 shares (4.27% stake) through an after-hours block trade to overseas institutional investors.
The shares were sold at KRW 107,100 per share, amounting to a total transaction value of approximately KRW 1.4 trillion (USD 1 billion).
Hanwha Group stated that the proceeds will be used to support initiatives such as the MASGA (Mutual Alliance for Shipbuilding Growth in Asia–U.S.) project, as well as new investments and debt repayment.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
