Kim Dong-seon launches second tender offer for Hanwha M&S, boosting stake to 37%

[Financial News] Kim Dong-seon, president and head of future strategy at Hanwha Machinery & Service Holdings (Hanwha M&S) (Photo) is launching an additional tender offer for Hanwha M&S shares using personal funds.
According to the Financial Supervisory Service's Data Analysis, Retrieval and Transfer System (DART), Kim will make a tender offer for approximately 3.38 million common shares of Hanwha M&S from the 9th through the 30th. The shares represent about 4% of the total issued shares, and the offer price is 8,000 won per share. The approximately 27 billion won required for the offer will be funded entirely with Kim's personal funds.
This is the second time Kim has launched a tender offer for Hanwha M&S shares. Last month, he announced a tender offer for 26,203,000 common shares at 8,000 won per share. He subsequently completed the first tender offer after securing 22,975,541 shares, or 87.7% of the targeted amount. As a result, Kim's personal stake rose to 32.99%, making him the company's largest single shareholder.
If Kim secures all the targeted shares in this second tender offer, his stake is expected to rise from 32.99% to 36.99%. Hanwha M&S said the additional tender offer is intended both to minimize losses to minority shareholders resulting from a decline in the share price and to reaffirm its commitment to responsible management as the largest shareholder.
A Hanwha M&S representative said, "The large-scale tender offer early this month helped ease shareholder concerns and support the share price to some extent, but the share price has remained volatile amid external factors. We have decided to make an additional tender offer to minimize losses to minority shareholders and support the share price."
The representative added, "We will continue to consider various measures to build market confidence and enhance shareholder value."
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