Hanwha Systems to launch $1.1 bn rights issue in June
Two other Hanwha units as top shareholders to apply for extra issues
Jin-seong Kim 2 HOURS AGO
Hanwha Systems Butterfly, a personal air vehicle under development with Overair, a US air taxi startup
Hanwha Systems Co., which leads the satellite communication and urban air mobility (UAM) businesses of South Korea s Hanwha Group, is set to launch a rights offering next month to raise around 1.2 trillion won ($1.1 billion) as the company is looking for new M&A targets and boosting R&D spending.
On May 31, the Hanwha Group unit will price its new 78.7 million shares that amount to 71.3% of its current outstanding shares. The estimated issuance price of 15,800 won apiece is 13% below the current market price.
South Korea-based Kumho Petrochemical Co. stunned the market last year with a positive earnings surprise in the third quarter of 2020. The company posted an operating profit of 213.7 billion won ($194 million), almost triple the amount from the year-earlier period, thanks to the soaring sales of NB latex during the COVID-19 pandemic.
NB latex is a type of synthetic latex used to make industrial, cooking and surgical gloves.
Kumho Petrochemical did not expect the boom to continue as overseas competitors began to aggressively expand their production. Industry watchers projected NB latex prices to plunge due to the oversupply.
But they were wrong. The price of NB latex posted $1,822 per ton last month, up by 15% from the previous month and a staggering 92.6% increase from the same period last year.
Hanwha Total Installs Game Machines to Help Employees Overcome Corona Blues
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SEOUL, Dec. 15 (Korea Bizwire) Hanwha Total Petrochemical Co., a major petrochemical producer in South Korea, said Monday it had launched a companywide campaign to overcome the so-called ‘corona blues’ in the midst of a resurgence of the COVID-19 pandemic.
To this end, the company recently held an in-house idea competition in which about 300 employees presented about 400 ideas. The company selected 15 ideas and will implement them on a gradual basis starting from this month.
As part of the initiative, the company installed ‘Whac-a-Mole’ game machines at its plant in Seosan, South Chungcheong Province and allowed its workers to enjoy the game freely.