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.
SK Innovation s Ulsan refining complex in Korea
SK Innovation Co., South Korea s leading electric vehicle battery maker, is on course to raise more than 5 trillion won ($4.5 billion) this year from asset sales, which will likely accelerate its transformation into an eco-friendly company.
Following the $2 billion settlement under which it is paying 500 billion won each this year and next on top of royalty payment to LG, SK Innovation cashed in 2.45 trillion won worth of shares in two units SK IE Technology Co. and SK Lubricants Co. Additionally, it expects to receive 1.25 trillion won from the sale of its stakes in two gas fields in Peru to Argentina s oil company Pluspetrol this year.
Kakao Pay CEO Alex Ryu
Kakao Pay Corp., a unit of South Korea s largest mobile messaging app Kakao Corp., submitted an application for its initial public offering with the Korea Exchange on Monday, set to become the country s first mobile fintech platform to go public, according to investment banking sources.
Unless there is an eligibility issue for its No.2 shareholder China s Ant Group as a major shareholder, Kakao Pay s IPO is expected to win approval in July at its earliest.
The IPO will likely take place almost simultaneously with its affiliate Kakao Bank. The mobile banking app submitted an IPO application on Apr. 15. If listed, Kakao Bank will become the country s first Internet-only bank traded on the Korea Exchange, as well.
GGRAsia – Jeju Lotte casino shut, ready for permit swap to Dream Tower ggrasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ggrasia.com Daily Mail and Mail on Sunday newspapers.
Lotte Tour Development Co Ltd has closed its Jeju Lotte Tour Casino on the southern coast of the South Korean holiday island of Jeju, with effect from Friday morning. That was in preparation for moving the gaming licence to the group’s new foreigner-only casino at the new Jeju Dream Tower complex on the north coast, a company representative has confirmed after a telephone enquiry by GGRAsia.
A representative at the Jeju local government also confirmed to GGRAsia the closure of Jeju Lotte’s casino, pending the relocation.
Won Hee-ryong, governor of the Jeju Special Self-governing Province, signed on Thursday morning a document considered mandatory before Lotte Tour Development can transfer its casino licence for Jeju.