In today’s briefing:
- Hanwha Ocean: Big Shares Dilution from Rights Offering of 2 Trillion Won
- Is Samsung M&A About to Happen?
Hanwha Ocean: Big Shares Dilution from Rights Offering of 2 Trillion Won
- After the market close on 23 August, Hanwha Ocean (042660 KS) confirmed that it will conduct a massive rights offering of 2 trillion won.
- The expected rights offering price is 22,350 won, which is 36% discount to current price.
- We believe this rights offering is likely to dilute the existing shareholders and negatively impact Hanwha Ocean’s share price.
Is Samsung M&A About to Happen?
- Local press states that Samsung Electronics Pref Shares (005935 KS)sold shares as they look to invest in their future capex
- The capex amount for 2023 will be around 40-50 trillion KRW and it doesn’t seem like W3 trillion is a needle mover
- With a new 3 year shareholder return plan, I would think maybe cash is needed to secure ammunition for M&A
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