Latest news with #HanwhaAerospaceCo.
Korea Herald
08-04-2025
- Business
- Korea Herald
Hanwha Aerospace files revised share sale plan at regulator's request
Hanwha Aerospace Co., a South Korean defense industry company, on Tuesday said it has filed a revised share sale plan to raise 2.3 trillion won ($1.56 billion) at the request of the financial regulator. The company originally planned to raise 3.6 trillion won in capital through a stock sale but the Financial Supervisory Service asked it to submit a revised plan, citing insufficient information for investors. To fill the gap of 1.3 trillion won, Hanwha Aerospace will issue new shares to three Hanwha Group affiliates -- Hanwha Energy Corp., Hanwha Impact Partners Inc. and Hanwha Energy Corporation Singapore Pte., the company said in a regulatory filing. The FSS made a revision request as it had found the company's previous plan lacked in key areas; the rationale for the rights offering, communication with shareholders and the intended use of the proceeds. Hanwha Aerospace has said the rights issue plan is part of the defense equipment firm's broader global investment plans in future growth sectors. The proceeds will be spent to acquire strategic production bases in Europe, the Middle East, Australia and the United States as it expects more opportunities amid a rearmament push in Europe and US efforts to bolster its shipbuilding industry, the company said. The news sent shares in Hanwha Aerospace 5.92 percent higher at 680,000 won as of 9:25 a.m., outperforming the broader Korea Stock Price Index's 1.46 percent gain. Hanwha Aerospace stocks jumped on eased concerns over dilution of existing shareholders' stakes. (Yonhap)
Korea Herald
03-04-2025
- Business
- Korea Herald
Hanwha to supply more K9 howitzers to India in W370b deal
Deal looks to increase India's local production of Korean-designed artillery weapons system to 60% Hanwha Aerospace Co. has secured a 370 billion won ($253 million) contract to deliver 100 additional units of the K9 self-propelled howitzer to India, the Korean defense firm said Thursday. According to Hanwha, the company will supply components for the K9 howitzer to Larsen & Toubro, an Indian multinational industrial and manufacturing conglomerate, to produce the locally modified version of the land weapons system named the K9 Vajra-T self-propelled howitzer. The arms deal followed the successful delivery of an initial 100 units ordered in 2017, with delivery completed in 2020. Under a licensing agreement then, Larsen & Toubro assembled the final products in India with about 50 percent of the production materials sourced locally. The new contract aims to increase the figure to 60 percent, according to Hanwha Aerospace. Hanwha Aerospace noted that the K9 Vajra-T has proven its exceptional capabilities across India's challenging terrain with its advanced 155-millimeter, 52-caliber gun system, adding that the artillery weapon can fire accurately at long ranges while maintaining a high rate of fire in both burst and sustained modes. "This follow-up order reflects the deepening defense partnership between Korea and India," said Son Jae-il, CEO of Hanwha Aerospace. "We will continue to be a trusted, reliable partner for India's defense capabilities in the years ahead, supporting India's vision for defense manufacturing self-reliance."
Bloomberg
18-03-2025
- Business
- Bloomberg
Austal Shares Jump After Hanwha Acquires Stake in Shipbuilder
Shares of Australian shipbuilder Austal Ltd. climbed after a unit of Hanwha Aerospace Co. became a substantial shareholder in the company, as the Korean defense firm aims to bolster its reach. Austal's stock rose as much as 9.7% in Sydney trading on Tuesday, its largest jump since Feb. 21, after a subsidiary of Hanwha acquired a 9.9% stake in the firm. The Korean company also applied to the Australian Foreign Investment Review Board to increase its holding to 19.9%, it said in a statement.
Bloomberg
05-03-2025
- Business
- Bloomberg
Trump's Ukraine Pivot Fuels 100% Gains in World's Defense Stocks
Washington has made it clear that Europe needs to defend itself. For some investors, that's a call to load up on defense stocks. Security-related shares have been on a tear this year, with Germany's Rheinmetall AG ranking as the best-performer in the MSCI World Index as money managers anticipate a jump in military spending. The buzz has spilled over into Asia, where South Korea's Hanwha Aerospace Co. and its unit Hanwha Ocean Co. have both rallied over 100% to beat all their regional peers.
