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Korea Herald
26-03-2025
- Business
- Korea Herald
[Photo News] Czech president at Doosan's steam turbine plant
Czech President Petr Pavel (center) is briefed on Doosan Enerbility's steam turbine technology at the Korean firm's local unit, Doosan Skoda Power, in the country's western city of Plzen on Tuesday. The president's visit follows the Czech government's selection of a Korean consortium, including Doosan, as the preferred bidder for the Dukovany nuclear power plant project in June last year — a deal valued at approximately 400 billion Czech koruna ($17.3 billion). (Doosan Enerbility)
Korea Herald
26-03-2025
- Business
- Korea Herald
Czech president inspects Doosan Enerbility's local subsidiary amid nuclear project talks
Czech President Petr Pavel has visited Doosan Enerbility Co.'s subsidiary in the Czech Republic, the company said Wednesday, amid the South Korean plant builder's preparations for an expected nuclear power project in the European country. According to the company, Pavel visited Doosan Skoda Power, Doosan's Czech-based turbine unit, as part of the president's tour of major industrial sites in the country's western city of Plzen on Tuesday. During the visit, the company showcased its steam turbine manufacturing facilities and briefed the president on its preparations for a nuclear power plant project in Dukovany. In July 2024, the Czech government selected Korea Hydro & Nuclear Power Co. as the preferred bidder for the Dukovany project. Upon the signing of a final contract, Doosan Skoda Power is expected to supply steam turbines, while other key equipment, such as reactors and steam generators, will be provided from South Korea. "The visit was a meaningful opportunity to demonstrate our steam turbine production capabilities to President Pavel," said Sohn Seung-woo, head of Doosan Enerbility's power services division. (Yonhap)
Korea Herald
07-02-2025
- Business
- Korea Herald
Doosan Skoda Power fetches $1m valuation in Czech market debut
Doosan Skoda Power, the turbine subsidiary of nuclear power plant developer Doosan Enerbility, has become the first Korean power equipment company to debut on the Czech stock market. The offering price for Doosan Skoda Power was set at 240 crowns ($9.90) apiece, with the total public offering amounting to 2.5 billion crowns, or over $100 million. The funds raised through this listing will be used to bolster growth momentum for both Doosan Skoda Power and its parent company, Doosan Enerbility. Key figures such as Prague Stock Exchange CEO Petr Koblic, Korean Ambassador to the Czech Republic Hong Young-ki, Doosan Enerbility President Park Sang-hyun and Lim Young-ki, head of Doosan Skoda Power, attended the listing ceremony at the Prague Stock Exchange on Thursday. With its market debut, Doosan's Czech subsidiary positions itself at the forefront of South Korea's penetration into Europe's burgeoning nuclear power market. Outpacing France, Korea was selected as the preferred bidder for the 24 trillion won ($16.6 billion) project for the Dukovany nuclear power plant in the Czech Republic last year, marking Korea's largest nuclear export deal since 15 years ago with the United Arab Emirates. The Korean consortium for the Czech power plant project is led by the state-run Korea Hydro & Nuclear Power, along with Kepco Engineering & Construction, Korea Nuclear Fuel, Kepco KPS, Doosan Enerbility and Daewoo Engineering & Construction. Next month, Korea and the Czech Republic will sign the final contract for constructing two nuclear power plants in Dukovany. The Industry Ministry convened a meeting earlier in the day with the Finance Ministry, Science Ministry, Foreign Ministry and other departments to review the process of their high-level dialogue and cooperation agreement aimed at bolstering the strategic partnership with the Czech Republic. After ringing the bell to celebrate the stock exchange listing, Park said, 'It has been both a privilege and an honor for Doosan to partner with Skoda Power in the Czech Republic, a nation renowned for its strength in steam turbine technology. Over 16 years, Doosan and Skoda Power have worked closely together, achieving significant milestones.' Doosan Enerbility, formerly Doosan Heavy Industries & Construction, acquired Czech-based Skoda Power in 2009. Since then, Doosan Skoda Power has supplied over 540 steam turbines across Europe, including in the Czech Republic. Following reports of Doosan Skoda Power's listing in the Czech Republic, the stock price of Doosan, which owns a 30 percent stake in Doosan Enerbility, reached an intraday high of 294,000 won on Korea's main bourse, the Kospi, up 1.7 percent from the previous closing price. Meanwhile, Doosan Skoda Power's Czech debut comes after Doosan Group's failed attempt to restructure by absorbing Doosan Enerbility's lucrative subsidiary, Doosan Bobcat, into the group's robotics arm -- Doosan Robotics -- as a wholly owned subsidiary, with plans to delist it. Doosan stressed that this reshaping would reduce debt and secure funding for nuclear investments. However, the Financial Supervisory Service raised an issue with the stock exchange ratio, which overvalued Doosan Robotics and could potentially weaken the interests of Doosan Enerbility shareholders. Doosan subsequently adjusted the merger ratio to allocate more shares of the robotics unit to Doosan Enerbility shareholders, but the plan was scrapped in December due to rising merger costs following a decline in its stock price, seen as prompted by President Yoon Suk Yeol's martial law declaration.
Zawya
27-01-2025
- Business
- Zawya
Doosan Skoda Power seeks $105mln in Prague IPO
PRAGUE - Czech Republic-based turbine manufacturer Doosan Skoda Power launched an initial public offering on Monday, seeking to raise 2.53 billion crowns ($105 million) by selling up to a third of its shares in a Prague listing. The company, whose ultimate parent is South Korea's Doosan Corp, serves customers including energy groups CEZ , EPH and Orlen, and made a profit of 559.3 million crowns on revenue of 4.8 billion crowns in 2023. The offer will consist of existing and new shares, with the price range set at 220-260 crowns per share, the company said. Final pricing is expected by Feb. 6. Sole shareholder Doosan Power Systems will offer up to 6.67 million existing shares, or 23% of Doosan Skoda Power's existing share capital. Doosan Skoda Power is also offering up to 2.9 million new shares, which would increase its total number of shares to 31.9 million, valuing the firm at 8.3 billion crowns at the upper end of the IPO price range. Up to 957,000 shares will also be available in an overallotment, the company said. Doosan Power Systems will still own at least 67% of the company after completing the offering. Proceeds will go towards mid-term investments while the company also aims to lift its profile with the listing. It comes as the Czech government and majority state-owned CEZ look in the coming months to conclude talks with South Korea's KHNP, which was chosen last year as the preferred builder of new nuclear power units in what will be the central European country's largest ever energy investment. Doosan Skoda Power noted that project as a possible future business driver in its prospectus published on Monday. For the first nine months of 2024, Doosan Skoda Power generated revenue of 3.9 billion crowns and a profit of 355 million crowns, which was steady versus the same period in 2023. It said it would apply a dividend payout ratio policy of 70% of net income. ($1 = 23.9870 Czech crowns)
