Fact Source: Financial Supervisory Service DART / 2024-12-17
Disclosure Type: Amendment to Decision on Acquisition of Shares and Equity Securities of Other Corporations
💡 Summary in 3 Seconds
Hanwha Systems has finalized the scheduled acquisition date (December 17, 2024) for the share acquisition of its US special purpose vehicle (SPV) subsidiary, HS USA HOLDINGS CORP., and revised the KRW-denominated transaction amount to KRW 91.8B reflecting foreign exchange rate adjustments.
📊 1. [Key Disclosure Details & Financial Highlights]
- Original Filing Date: November 6, 2024 (Initial Board Resolution Date: June 20, 2024)
- Amendment Date: December 17, 2024
- Reason for Amendment: Finalization of scheduled acquisition date and adjustment of KRW acquisition amount based on updated exchange rate
- Target Company: HS USA HOLDINGS CORP. (Nationality: USA, Representative: Yeon-bo Jeon, Relationship: Subsidiary, Main Business: Equity investment)
- Revision Details:
- Acquisition Amount: (Pre-correction) KRW 88,371,200,000 → (Post-correction) KRW 91,833,600,000 (approx. KRW 91.8B / FX rate applied: KRW 1,434.90/USD as of Dec 17, 2024, for USD 64,000,000)
- Relative Size to Equity: (Pre-correction) 4.10% → (Post-correction) 4.26% (Based on year-end 2023 consolidated total equity of approx. KRW 2.15T)
- Acquisition Cost to Total Assets: (Pre-correction) 1.97% → (Post-correction) 2.05% (Based on year-end 2023 consolidated total assets of approx. KRW 4.48T)
- Total Shares Owned Post-Acquisition: (Pre-correction) 64,000 shares → (Post-correction) 64,001 shares (Includes 1 initial incorporation share, 100.00% ownership)
- Scheduled Acquisition Date: (Pre-correction) TBD → (Post-correction) December 17, 2024 (Payment date)
- Purpose of Acquisition: To acquire a 60% stake in Philly Shipyard Inc. (PSI) in Philadelphia, USA, through the target entity, thereby expanding into global markets and maximizing synergies with naval system technologies.
- Acquisition Method: Cash acquisition
📈 2. [Professional Insight: What This Means for Investors]
This filing details a regulatory amendment establishing the final payment date and updating currency exchange rates for Hanwha Systems’ equity injection into its US-based SPV subsidiary, HS USA HOLDINGS CORP., established for acquiring Philly Shipyard Inc. (PSI).
While the USD capital contribution remains unchanged at USD 64M, updating the FX benchmark rate to KRW 1,434.90/USD as of December 17, 2024, shifted the KRW-equivalent transaction value from KRW 88.4B to KRW 91.8B. With the acquisition date finalized as December 17, 2024 (payment date), capital contribution execution into the SPV entity has been reflected as of the amendment date.
📝 Editor’s Comment (by K-STOCK Editor)
The objective facts established in this amendment disclosure are the setting of the share acquisition date for subsidiary HS USA HOLDINGS CORP. to December 17, 2024, and the updated KRW transaction figure of KRW 91.8B due to FX adjustments.
Moving forward, the primary objective checkpoint for investors is monitoring for subsequent regulatory filings regarding the subsidiary’s (HS USA HOLDINGS CORP.) final execution of the Philly Shipyard Inc. (PSI) share acquisition. As indicated in the disclosure notes, tracking subsequent disclosures regarding the target shipyard acquisition remains essential.
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Source: This content was newly structured and written based on official data submitted to the Financial Supervisory Service’s Data Analysis, Retrieval and Transfer System (DART).
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