This photo from the website of Dyna-Mac Holdings shows its offshore plant. (Image courtesy of Yonhap)
SEOUL, Sept. 12 (Korea Bizwire) — Hanwha Group, a South Korean defense-to-insurance conglomerate, said Thursday it plans to pay 600 billion won (US$447.8 million) for a controlling stake in the Singaporean offshore plant firm Dyna-Mac Holdings.
The group’s two defense and shipbuilding affiliates, Hanwha Aerospace Co. and Hanwha Ocean Co., will make a cash tender offer of 0.6 Singaporean dollar ($0.46) per share.
If the tender is successful, Hanwha would take all stake in the Singapore-listed company as the two affiliates had already purchased a 25.4 percent stake in Dyna-Mac Holdings as of May.
To secure management control, they need to acquire more than 50 percent stake in the Singaporean company through the tender offer, which is expected to conclude by the end of 2024.
After the acquisition, approval from local antitrust authorities will also be required.
Founded in 1990, Dyna-Mac Holdings, listed on the country’s main stock exchange, specializes in marine plant topside structures and has two manufacturing facilities in Singapore.
Hanwha Group said this stock purchase will help Hanwha Ocean effectively respond to global market conditions and expand its offshore plant business internationally.
(Yonhap)
