Seoul: Hanwha Impact Partners Inc., an investment affiliate of Hanwha Group, announced that it has sold its remaining 4.27 percent stake in shipbuilder Hanwha Ocean Co., valued at approximately 1.4 trillion won (US$1 billion).
According to Yonhap News Agency, the transaction involved the sale of 13.08 million common shares at a price of 107,100 won per share. The buyers were predominantly foreign institutional investors, with no participation from Hanwha affiliates in the purchase.
Hanwha Group stated that the proceeds from this sale will be allocated to several projects, including the Make American Shipbuilding Great Again (MASGA) initiative. This initiative is a cooperative shipbuilding project between South Korea and the United States. Additionally, the funds will support new investments and aid in debt repayment.
The share sale follows Hanwha's commitment to invest an additional $5 billion in Hanwha Philly Shipyard in Philadelphia, a pledge made during the South Korea-U.S. summit in Washington last month. A group official noted, "This move is part of efforts to support Hanwha Ocean's leap toward becoming a world-class shipbuilder."