Hanwha Ocean shares sink ahead of KDB stake block sale

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Hanwha Ocean shares sink ahead of KDB stake block sale - Korea Economic Daily

Quick Summary:

Hanwha Ocean’s profit is expected to improve in the latter part of this year, partly driven by a fall in low-priced ship order backlog, said Lee Ji-ni, an analyst at Daishin Securities Co.“As the company plans to add a 6,500-ton floating crane and expand a floating deck, its (annual) production capacity for offshore plants will rise to four units from two units and for vessels to 40-44 units from 36-40 units thanks to a significantly improved efficiency in vessel construction,” said Lee.

It plans to unload its holdings in multiple block sales, of which up to 100 billion won ($7 million) worth of shares are expected to be put up for grabs first in a block trade, depending on the bookbuilding result, said an unnamed KDB official, adding that the state policy bank aims to sell off all of its stake in Hanwha Ocean ultimately.

Investors rushed to dump Hanwha Ocean Co.shares early Tuesday after news that its second-largest shareholder, Korea Development Bank, will unload its stake in South Korea’s No.3 shipbuilder in multiple block trades.