Hanwha Techwin cuts Korea Aerospace stake

Korea executes Asia’s first major ECM deal of 2016 as Hanwha Techwin sells stake in Korea Aerospace following the elapse a four-year sale ban.
Korea Aerospace-developed T-50 jet fighters
Korea Aerospace-developed T-50 jet fighters

Hanwha Techwin got Asian equity capital markets off and running in 2016 on Tuesday by launching a secondary sale of shares in Korea Aerospace Industries worth $235 million.

Hanwha Techwin, a Korean security equipment manufacturer, initially offered half of its 10% stake in the government-controlled aircraft and satellite manufacturer at an indicative price range of W71,700 to W74,800 per share once the sale opened for subscription at around 5pm Seoul time.

As such, the 4.87 million shares were offered at a 3% to 7% discount to the stock’s close on Tuesday of W77,100, a source familiar with the matter said.

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