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Photo = Hanwha Aerospace |
[Alpha Biz= Kim Jisun] Seoul, May 21 – Hanwha Aerospace announced on Tuesday that it has increased the first issue price for its rights offering to KRW 684,000 per share, up from the previously announced KRW 539,000, reflecting a sharp rise in its share price driven by strong performance in the defense sector.
As a result, the total amount to be raised through the offering has increased to approximately KRW 2.92 trillion, up from the KRW 2.3 trillion disclosed in the amended securities registration filed on April 8.
Originally, Hanwha Aerospace planned to raise KRW 2.3 trillion by issuing new shares at KRW 539,000 per share. However, with continued upward momentum in the company’s share price, the reference price used to calculate the issue price increased, leading to a higher expected fundraising amount.
The company plans to finalize the issue price based on the lower of the first and second issue prices. The second issue price will be calculated on June 27, and the final price will be determined on June 26, three trading days before the subscription date for existing shareholders.
Hanwha Aerospace initially announced a KRW 3.6 trillion rights offering in March. However, after receiving a correction request from the Financial Supervisory Service (FSS), the company reduced the amount to KRW 2.3 trillion through general subscription and opted to raise the remaining KRW 1.3 trillion via third-party allotments to three group affiliates, including Hanwha Energy.
Despite the revised filing, the FSS requested a second amendment on April 17, citing a lack of specificity regarding transactions involving Hanwha Ocean, an affiliate of Hanwha Aerospace.
Hanwha Aerospace stated that the funds raised will be used for a range of initiatives, including the construction of overseas defense manufacturing facilities, strategic equity investments to enhance global defense cooperation, the establishment of a smart MCS (Modular Charge System) factory in Korea, and investments in overseas shipbuilding companies.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
