Kim Dong-seon to make tender offer for Hanwha M&S shares, investing 128.5 billion won of his personal funds

[Financial News] Kim Dong-seon, president overseeing future strategy at Hanwha Machinery & Service Holdings (Hanwha M&S), is launching a tender offer for the company's common shares.
According to industry sources on the 12th, President Kim said he would make a tender offer for 16.06 million Hanwha M&S common shares from existing shareholders over 22 days, from today through the 2nd of next month. The shares represent about 19% of all common stock.
The tender offer price is 8,000 won per share. This is 27% above the average share price of about 6,300 won over the past month and about 32% above the closing price of 6,080 won on the 8th. The company said the price exceeds the average premium for tender offers conducted over the past five years.
Accordingly, the tender offer is expected to cost about 128.5 billion won, to be funded with President Kim's personal funds.
Hanwha M&S said the tender offer is intended to enhance shareholder value and strengthen responsible management by senior executives. The company said it reflects the views of many shareholders who have called for securing new growth drivers and supporting the share price.
The company said President Kim, who oversees future strategy for the Tech & Life businesses, had demonstrated confidence in their growth potential and a commitment to responsible management through the tender offer. Kim plans to continue pursuing various measures to advance shareholders' interests and strengthen responsible management.
A Hanwha M&S official said, "There is a sense that the growth potential of Hanwha Group's Tech & Life businesses has not been fully reflected in the share price," adding, "We expect President Kim's tender offer to serve as a positive signal to the market and shareholders and significantly enhance shareholder and corporate value."
Meanwhile, Hanwha M&S, the holding company for Hanwha Group's Tech & Life businesses, was established in August this year alongside the spin-off of the Tech & Life division. The Tech business comprises Hanwha Vision, Hanwha Semitech, Hanwha Momentum and Hanwha Robotics, while the Life business includes Hanwha Galleria, Hanwha Hotels & Resorts and Ourhome.

[email protected] Jang Yu-ha Reporter