HD Hyundai Marine Solution, which provides after-service (AS) for vessels, saw its stock price decline in early trading on the 23rd. It appears that the drop is due to its second-largest shareholder, private equity firm KKR, further disposing of equity through after-hours block trading.
HD Hyundai Marine Solution stock traded at 148,800 won in the KOSPI market at 9:15 a.m. that day, down 7.46% (12,000 won) from the previous day.
According to the investment banking (IB) industry, KKR sold approximately 9.5% (4.26 million shares) of its holdings in HD Hyundai Marine Solution through a block deal after the market closed the previous day. The selling price was set at 145,500 won per share, reflecting a 9.5% discount from the closing price of 160,800 won that same day.
After KKR disposed of 2 million HD Hyundai Marine Solution shares in the first block deal in February, it further moved to realize profits, reducing its equity to 10% (4.49 million shares).
KKR secured 666.1 billion won, exceeding its initial investment, through HD Hyundai Marine Solution and the block deal in February last year. The 620 billion won gained from the previous day’s block deal has brought the investment return nearly to 100%.