SEOUL: Hanwha Group has announced an increase in their tender offer price for acquiring a significant share in Singaporean offshore facility company, Dyna-Mac Holdings Ltd. Originally set at 0.60 Singaporean dollars per share, the new offer by Hanwha’s affiliates, Hanwha Aerospace Co. and Hanwha Ocean Co., has been escalated to 0.67 Singaporean dollars.
According to Yonhap News Agency, Hanwha Group, the revised offer marks a strategic attempt to consolidate a controlling stake in Dyna-Mac, and it has been clarified that no further increase in the offer price will be considered. This decision comes as part of the group’s efforts to expand its foothold in the global offshore facility market.
The acquisition terms stipulate that Hanwha’s subsidiaries must secure at least a 50 percent plus one share ownership in Dyna-Mac and receive approval from the Singaporean antitrust regulator. This regulatory step is crucial for the completion of the deal. As of now, Hanwha has invested approximately 115.8 billion won ($8
5.2 million) for a 24 percent stake in Dyna-Mac.
Dyna-Mac, established in 1990, is recognized for its expertise in constructing topside structures for marine plants and operates two manufacturing facilities in Singapore. Hanwha Group believes that this acquisition will bolster Hanwha Ocean’s capabilities to adapt to fluctuating global market conditions and enhance its operations within the offshore facility sector.