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SEOUL, Aug. 23 (Yonhap) — South Korean shipbuilder Hanwha Ocean Co. declared on Wednesday that it will raise two trillion won (US$1.5 billion) by offering rights to existing shareholders and the public.
The company will be issuing 89.48 million common shares at a price of 22,350 won each, as stated in a regulatory filing.
Shareholders are allowed to purchase new shares from Nov. 8 to 9, while public investors can subscribe to the stocks from Nov. 13 to 14.
Hanwha Ocean will be using the funds to expand its presence in the defense industry abroad, as well as to develop eco-friendly ships and propulsion systems.
In particular, the company will be spending 900 billion won to construct a production base and advance its technologies.
Hanwha Ocean is aiming to reach an operating profit of 5 trillion won on sales of 30 trillion won by 2040 through such investments.
In May, Hanwha Ocean became the shipbuilding arm of Hanwha Group after it acquired a 49.3 percent stake in DSME and assumed managerial control.
On the main stock market Wednesday, Hanwha Ocean shares closed down 1.81 percent at 35,200 won, lagging behind the 0.14 percent loss of the broader market.
The corporate logo of Hanwha Ocean Co. (Yonhap)
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