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(Seoul=NSP NEWS AGENCY) = Hanwha Group launches a tender offer for a stake in Dyna-Mmac Holdings Ltd., a Singaporean manufacturer of floating offshore equipment.

Through the tender offer, Hanwha Aerospace and Hanwha Ocean plan to gain control of Singapore-listed Dyna-Mac.

Hanwha Aerospace and Hanwha Ocean will conduct a tender offer through a local special purpose vehicle(SPC) in Singapore. The purchase price is set at SGD 0.6(approximately KRW 616) per share.

As part of the tender offer, Hanwha Aerospace and Hanwha Ocean plan to invest approximately KRW 600 billion(to acquire a 100% stake). Through May, Hanwha Aerospace and Hanwha Ocean had already invested KRW 115.8 billion to secure a 25.4 percent stake in Dyna-Mac.

For a successful tender offer, Hanwha would need to acquire more than 50 percent of Dyna-Mac’s shares and win the approval of Singapore’s competition authority.

Dyna-Mac Holdings Ltd. is a specialized company in offshore plant superstructures established in 1990, and has two production bases in Singapore. In the first half of this year alone, Dyna-Mac Holdings Ltd. recorded sales of approximately KRW 266.6 billion and net profit of approximately KRW 39.8 billion, resulting in a profit margin of nearly 15%.

The tender offer process will begin 12 days after the announcement on the Singapore Exchange and is expected to be finalized in December.

By Soon-ki Lee(s8789@nspna.com) and Jeonghwa Choi(choijh@nspna.com)

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