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

At that time the sale would have raised as much as W365 billion...

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