Hanwha Machinery and Service Holdings (Hanwha M&S) saw its shares jump by over 23% during trading on news of a tender offer from Kim Dong-sun, the president of Hanwha Group's Future Strategy Division. The tender offer price exceeded the previous day's closing price, driving the stock higher.
As of 1:39 PM on October 12, Hanwha M&S shares were trading at 7,480 won, up 1,400 won (23.03%) from the previous trading day. Earlier in the session, the stock reached as high as 7,710 won, marking a 26% increase.
Kim announced that from today until November 2, he will conduct a tender offer for 16.06 million shares of Hanwha M&S at 8,000 won per share. This amount represents 19.00% of the company's total issued shares. The tender offer price is 30.93% higher than the last closing price of 6,110 won.
Upon completion of the tender offer, Kim's stake in Hanwha M&S will increase from 5.81% to 24.81%. Including related parties, the ownership percentage will rise from 60.32% to 79.32%.
Hanwha M&S stated that the purpose of the tender offer is to strengthen responsible management alongside major shareholders and related parties, while positively impacting the stock price and corporate value, ultimately enhancing shareholder value.
Hanwha M&S was established in August as a holding company following a spin-off from Hanwha. It oversees subsidiaries in the technology sector, including Hanwha Vision, Hanwha Semitech, Hanwha Momentum, and Hanwha Robotics, as well as lifestyle sector companies such as Hanwha Galleria, Hanwha Hotels and Resorts, and Our Home.
* This article has been translated by AI.
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