Kim Dong-kwan, vice chairman of Hanwha Group and CEO of Hanwha Aerospace's strategy division, along with executives of Hanwha Aerospace, purchased company stocks worth 9 billion won in the open market. Hanwha Aerospace noted, "This demonstrates our commitment to enhancing shareholder value through responsible management, coupled with confidence in the company’s future vision."
Hanwha Aerospace announced on the 1st that Vice Chairman Kim had purchased approximately 3 billion won (4,560 shares) worth of company stock. CEO Son Jae-il and President Ahn Byung-chul also purchased stocks worth about 900 million won (1,360 shares) and 840 million won (1,262 shares), respectively. A total of 49 executives also purchased stock worth about 4.2 billion won (6,333 shares) in the open market from the 24th to the 28th of last month, separate from the employee stock ownership plan.
This announcement was made for the executives who had purchased stock by the 28th of last month. The remaining 40 or so executives are also expected to make additional stock purchases sequentially, which will be announced later.
Previously, Hanwha Aerospace stated on the 20th of last month that it would carry out a capital increase worth 36 billion won, the largest ever in the history of the domestic capital market. Following the announcement, the stock price plummeted, causing a ripple effect. In response, Hanwha Aerospace disclosed on the 23rd of last month that CEO Kim had purchased company stock worth approximately 3 billion won, while executives including CEO Son indicated they would buy a total of 4.8 billion won worth of stock.
Hanwha Aerospace resolved to increase capital on the 20th of last month to secure financial stability in preparation for rapid local investments and overseas orders to proactively respond to the 'blockade' in the defense sector in Europe and changes in the global defense market in the Middle East and North America.
Hanwha Aerospace stated that it decided to raise capital to secure investment funds as early as possible in order to carry out simultaneous strategic investments across various parts of the world, including Europe, the United States, the Middle East, and Australia, in the midst of a major geopolitical upheaval.
CEO Son said, "If bold investments that exceed operating cash flow do not take place within the next 1 to 3 years, there is a sense of crisis that we will be completely excluded from the market. We will swiftly respond to maximize shareholder value through building strategic partnerships and securing local production and supply chains."