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Hanwha Ocean’s Geoje shipyard. (Photo courtesy of Hanwha Ocean) |
[Alpha Biz= Kim Jisun] Hanwha Ocean is set to accelerate its North American expansion by injecting significant capital into its U.S. subsidiary.
In a regulatory filing on March 19, the company announced a rights offering worth KRW 165.4 billion for Hanwha Ocean USA Holdings. As the sole shareholder, Hanwha Ocean will subscribe to all 1,107 newly issued shares.
The funds, equivalent to approximately $110.7 million based on the exchange rate at the time of the board resolution, will be funneled through the holding company to support operations and investments at its local subsidiary, Hanwha Ocean USA International. The final amount may vary depending on exchange rate fluctuations at the time of execution.
Hanwha Ocean stated that the capital injection is intended to secure operating funds and investment resources. The investment will be carried out in installments through December 31, depending on project progress.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
