Hanwha to buy controlling stake in Singaporean offshore plant firm Dyna-Mac Holdings

SEOUL, September 12 (Korea Bizwire) — Hanwha Group, a South Korean defense and insurance conglomerate, said on Thursday it plans to pay 600 billion won ($447.8 million) for a controlling stake in Singapore-based offshore power company Dyna-Mac Holdings.

The group’s two defense and shipbuilding subsidiaries, Hanwha Aerospace Co. and Hanwha Ocean Co., will submit a tender offer of 0.6 Singapore dollars ($0.46) per share.

If the bid is successful, Hanwha will acquire all shares in the Singapore-listed company, as the two subsidiaries already acquired a 25.4 percent stake in Dyna-Mac Holdings in May.

To secure control of the board, they must acquire more than 50 percent of the Singaporean company through a tender offer that is expected to close by the end of 2024.

Following the acquisition, approval from local antitrust authorities will also be required.

Founded in 1990 and listed on the main Singapore Stock Exchange, Dyna-Mac Holdings specialises in the design of offshore structures and has two manufacturing facilities in Singapore.

Hanwha Group said the share purchase will help Hanwha Ocean respond more effectively to the global market situation and expand the company’s offshore installation business internationally.

(Jonhap)