Korea Development Bank will sell some of its shares in Hanwha Ocean. The bank currently holds a 19.5% equity (59,738,211 shares) in Hanwha Ocean.
On the 28th, according to the financial sector, the bank entered a demand forecast to sell its equity in Hanwha Ocean through a block deal (large-volume trading outside of regular hours) on this day. The quantity mentioned in and out of the financial sector is about 13 million shares. A bank official noted, “The exact quantity will be confirmed after the demand forecast.”
The reason the bank is moving to sell its equity is due to the booming K-shipbuilding industry, which has driven up the stock price of Hanwha Ocean. The stock price of Hanwha Ocean increased from 27,800 won per share on Nov. 6 last year to 89,300 won per share based on the closing price on this day, marking a 3.2-fold increase.
The bank is reportedly aiming to sell all of its holdings, valued at over 5.3 trillion won currently, in the long term. It is also said that the internal need to enhance asset soundness has influenced the promotion of the equity sale.