[Featured stock] Hanwha M&S surges 23% in early trading due to Kim Dong-seon's tender offer

(Seoul = Yonhap News) Reporter Kwak Yoon-ah = Hanwha Machinery & Services [0220WL] (Hanwha M&S) is rising more than 23% in early trading on the 12th following the announcement of a tender offer plan by Kim Dong-seon, president of future strategy.

As of 9:43 am on this day, Hanwha M&S is trading at 7,480 won in the stock market, up 23.03% from the previous price.

Immediately after opening, it soared 26.81% to 7,710 won.

Hanwha M&S announced that President Kim would make a tender offer for 16.06 million shares of Hanwha M&S common stock at 8,000 won per share from this day to the 2nd of next month.

This corresponds to 19% of total issued shares. The tender offer price was higher than the closing price of the previous trading day (6,110 won), which appears to have been a positive factor for the stock price on this day.

Once the tender offer is completed, President Kim's shareholding will increase from 5.81% to 24.81%. The shareholding ratio including special parties increases from 60.32% to 79.32%.

Regarding the purpose of the tender offer, Hanwha M&S said, "We aim to strengthen responsible management with Hanwha M&S' largest shareholder and related parties, while ultimately enhancing shareholder value by having a positive impact on the stock price and corporate value through the tender offer."