Seoul: South Korean conglomerate Hanwha announced plans to inject 337 billion won (US$232.9 million) into its Australian subsidiary, HAA No. 1 PTY LTD, as part of its strategy to strengthen its global market position. The move is seen as preparation for a potential acquisition of Australian shipbuilder Austal.
According to Yonhap News Agency, Hanwha Systems and Hanwha Aerospace disclosed in separate regulatory filings that they would contribute 202.7 billion won and 64.2 billion won, respectively, to the capital increase of their Australian subsidiary. This investment aims to facilitate the companies' expansion into global markets, including Australia.
This development comes in the wake of reports indicating Hanwha's interest in acquiring shares in Austal, following an unsuccessful bid for the company last year. The potential acquisition aligns with Hanwha's broader strategy to secure contracts for warships and provide maintenance, repair, and overhaul services in key markets, such as the United States.