Hanwha Group-owned Philly Shipyard in Philadelphia, Pa. / Courtesy of Hanwha Group
Korean conglomerate Hanwha said Monday it will invest 337 billion won ($232.9 million) in its Australian subsidiary to expand its presence in the global market, seen as preparation for a potential takeover of Australian shipbuilder Austal.
In separate regulatory filings, Hanwha Systems and Hanwha Aerospace said they will invest 202.7 billion won and 64.2 billion won, respectively, in their Australian subsidiary, HAA No. 1 PTY LTD, through a paid-in capital increase.
Both companies said the capital increase is aimed at expanding into global markets, including Australia.
The investment follows reports suggesting that Hanwha is considering acquiring shares in Austal, after a previous bid for the company fell through last year.
The acquisition is viewed as part of Hanwha's broader strategy to secure contracts for warships and maintenance, repair and overhaul services in markets, including the United States. (Yonhap)
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