Hanwha M&S to Launch Tender Offer... Kim Dong-sun Says It Reflects Responsible Management That Actively Incorporates Shareholder Voices
TECHWORLD ·
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Kim Dong-sun, head of future strategy at Hanwha M&S, will conduct a tender offer for Hanwha M&S common shares.
The tender offer will target 16.06 million shares, run from Oct. 12 to Nov. 2, and have a purchase price of KRW 8,000 per share.
Hanwha M&S said the purpose of the tender offer is to enhance shareholder value and strengthen responsible management among key executives.
Kim Dong-sun, head of future strategy at Hanwha Machinery & Service Holdings (Hanwha M&S), will conduct a tender offer for Hanwha M&S common shares. The tender offer will target common shares held by existing shareholders, and the offer period will run from Oct. 12 to Nov. 2, spanning 22 days.
The target of the tender offer is 16.06 million shares, or about 19% of all common shares. The purchase price has been set at KRW 8,000 per share, and the total planned investment is about KRW 128.5 billion. The KRW 128.5 billion will come from Kim Dong-sun's personal funds.
The KRW 8,000 per share price represents a 27% premium to the recent one-month average share price of about KRW 6,300. It also reflects a premium of about 32% to the closing price of KRW 6,080 on the 8th. That premium of about 32% exceeds the average tender offer premium over the past five years.
Hanwha M&S said the purpose of the tender offer is to enhance shareholder value. It also said the move is intended to strengthen responsible management among key executives.
Hanwha M&S said it reflected the fact that many shareholders recently called for the company to secure new growth drivers and boost its stock price. Kim Dong-sun also said the tender offer is part of responsible management that actively reflects shareholder voices.
Kim, a key executive overseeing future strategy at Hanwha M&S, undertook the tender offer in that capacity. The company presented his tender offer as a move linked to his role in future strategy, expressing confidence in the future growth potential of the tech and life divisions and signaling his commitment to responsible management.
Kim plans to pursue measures to maximize shareholder returns in the wake of the tender offer. He also plans to pursue a range of measures to strengthen responsible management following the tender offer.
Hanwha M&S said the growth potential of Hanwha Group's tech and life divisions has not been adequately reflected in its stock price. It also said it expects Kim's tender offer to serve as a positive signal to the market and shareholders, and said it hopes the tender offer will significantly enhance shareholder value and corporate value.
Source: TECHWORLD · Lee Gwang-jae
Original: https://www.epnc.co.kr/news/articleView.html?idxno=408028
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Source: TECHWORLD
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