[Stocks to Watch] KAI Rises 4% on Expectations of Strengthened Cooperation with Hanwha Systems
Hanwha Systems Acquires Stake in KAI
The stock price of Korea Aerospace Industries (KAI), in which competitor Hanwha Systems has acquired a stake, is on the rise.
As of 9:14 a.m. on March 16, Korea Aerospace Industries was trading at 189,600 won, up 6,900 won (3.78%) from the previous trading day.
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According to its business report, Hanwha Systems announced that in November last year, it purchased 566,635 common shares of KAI for 5.99 billion won. This represents 0.58% of KAI's total shares. Because holdings below 5% are not subject to the substantial shareholding disclosure requirement, the purchase was disclosed through the business report. Hanwha Systems stated, "The purpose of the stake acquisition is to strengthen cooperation in the aerospace and defense sectors."
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