Kim Dongseon Launches Second Tender Offer for Hanwha M&S, Puts Up 27 Billion Won of Personal Funds

Tender offer for 3.38 million shares at 8,000 won per share through November 30
Aimed at protecting minority shareholders and enhancing shareholder value amid share-price decline

Kim Dongseon, president of Hanwha Machinery & Service Holdings (Hanwha M&S), has launched a second tender offer to protect minority shareholders and support the share price.

Hanwha M&S disclosed on November 9 that Kim would make a tender offer for approximately 3.38 million common shares, or about 4% of the total, at 8,000 won per share. The offer will run from November 9 through November 30, and Kim will invest approximately 27 billion won of his personal funds.

Kim Dong-seon, President and Head of Future Strategy at Hanwha M&S. Hanwha M&S

The tender offer is an additional measure following the first offer earlier this month. Kim had previously announced a tender offer for 26,203,000 common shares at 8,000 won per share and secured 22,975,541 shares, or 87.7% of the target amount.

Immediately after the first tender offer closed, Hanwha M&S shares stood at 7,900 won on November 3, up about 30% from 6,080 won just before the offer was announced. However, after the share price fell to 7,000 won on November 6 amid factors including the impact of the U.S. midterm elections, the company decided to make an additional tender offer.

A Hanwha M&S official said, "With share-price uncertainty continuing due to external factors, we decided to make an additional tender offer to minimize losses for minority shareholders." The official added, "We will consider various measures to build market confidence and enhance shareholder value."

Hanwha M&S, a holding company established in August through a spin-off of Hanwha Group's tech and lifestyle businesses, has Hanwha Vision, Hanwha Semitech, Hanwha Galleria, and Hanwha Hotels & Resorts among its affiliates.

This content was produced with the assistance of AI translation services.