Forecast, Hanwha Ocean Sells New Share Subscription Warrants... Recovers Over 500 Million Won

Forecast, Selection of Agency for Hanwha Ocean Stock Sale by Public Fund Repayment Fund

The Korea Deposit Insurance Corporation announced on the 30th that it sold 767,714 subscription warrants for new shares of Hanwha Ocean held by the Public Fund Repayment Fund, recovering approximately 530 million KRW of public funds.

The Public Fund Repayment Fund was allocated subscription warrants for new shares, which are rights to subscribe to new shares, according to its shareholding ratio following Hanwha Ocean's recent shareholder rights offering. As of this month, the Public Fund Repayment Fund holds 2,325,577 shares of Hanwha Ocean.

In August, KDIC was selected as the management and sales agency for Hanwha Ocean shares by the Public Fund Management Committee, recognizing its extensive experience and expertise in selling shares of various financial institutions. Under current law, the fund cannot participate in Hanwha Ocean's rights offering and had no choice but to forfeit its subscription rights. Therefore, KDIC proceeded with the sale of the subscription warrants and sold the entire allocated amount.

[Image source=Yonhap News]

KDIC stated, "Separately from the sale of subscription warrants, we plan to proceed with the sale of Hanwha Ocean shares (2,325,577 shares) after discussions with the Public Fund Management Committee, considering market conditions."

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