Kim Dong-seon, president of Hanwha Machinery & Service Holdings (Hanwha M&S), is set to become the largest shareholder through a public tender offer for common shares.
On October 12, Hanwha M&S announced that Kim will publicly offer to buy 16.06 million common shares, representing 19% of the total issued shares, by November 2. The offer price is set at 8,000 won per share, approximately 32% higher than the previous trading day's closing price of 6,080 won. NH Investment & Securities is managing the tender offer.
Prior to this tender offer, major shareholders of Hanwha M&S included Hanwha Energy (23.94%), Kim Seung-yeon, chairman of Hanwha Group (12.24%), Kim Dong-kwan, vice chairman of Hanwha Group (10.55%), Kim Dong-won, vice chairman of Hanwha Life (5.81%), and Kim Dong-seon (5.81%).
If the tender offer is successful, Kim will secure a 24.81% stake, making him the largest shareholder and meeting the special resolution requirements for shareholder meetings. The combined stake of Kim and related parties will increase from 60% to 79% following the tender offer.
Hanwha M&S stated that the purpose of the tender offer is to secure a 19% stake in the company, thereby enhancing responsible management alongside the largest shareholders and related parties. The company aims to positively impact its stock price and corporate value through this tender offer, ultimately enhancing shareholder value.
Hanwha Machinery & Service Holdings was established on August 1 of this year as a result of a spin-off from Hanwha Corporation's Tech & Life business.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.