Hanwha Group, a South Korean defense-to-insurance conglomerate, said Monday its affiliates have raised their tender offer price for Singaporean offshore facility firm Dyna-Mac Holdings Ltd. Hanwha Group's two defense and shipbuilding affiliates, Hanwha Aerospace Co. and Hanwha Ocean Co., have offered to purchase a controlling stake in Dyna-Mac at 0.60 Singaporean dollar ($0.46) per share since Sept. 11, the group said in a statement. On Monday, the affiliates have raised the offer price to 0.67 Singaporean dollar. But they said there will be no further increase in the offer price. To succeed in the tender offer, the Hanwha affiliates have to acquire at least a 50 percent stake plus one share and obtain an approval for the acquisition from the Singaporean antitrust regulator, the statement said. The two companies have already invested 115.8 billion won ($85.2 million) in a 24 percent stake in Dyna-Mac. Founded in 1990, Dyna-Mac specializes in marine plant topside structures and has two manufacturing facil ities in Singapore. Hanwha Group said this stock purchase will help Hanwha Ocean effectively respond to global market conditions and expand its offshore facility business. Source: Yonhap News Agency
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