Hanwha raises offer for Singaporean offshore facility firm Dyna-Mac

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Hanwha raises offer for Singaporean offshore facility firm Dyna-Mac

Published: 15 Oct. 2024, 12:01

A Dyna-Mac Holdings offshore plant. [DYNA-MAC HOLDINGS]

Hanwha Group, a Korean defense-to-insurance conglomerate, said Monday its affiliates have raised their tender offer price for Singaporean offshore facility firm Dyna-Mac Holdings.

Hanwha Group's two defense and shipbuilding affiliates, Hanwha Aerospace and Hanwha Ocean, have offered to purchase a controlling stake in Dyna-Mac at 0.60 Singaporean dollars ($0.50) per share since Sept. 11, the group said in a statement.

On Monday, the affiliates raised the offer price to 0.67 Singaporean dollars. But they said there will be no further increase in the offer price.

To succeed in the tender offer, the Hanwha affiliates have to acquire at least a 50 percent stake plus one share and obtain approval for the acquisition from the Singaporean antitrust regulator, the statement said.

The two companies have already invested 115.8 billion won ($85.2 million) in a 24 percent stake in Dyna-Mac.

Founded in 1990, Dyna-Mac specializes in marine plant topside structures and has two manufacturing facilities in Singapore.

Hanwha Group said this stock purchase will help Hanwha Ocean effectively respond to global market conditions and expand its offshore facility business.

Yonhap