South Korea’s chemicals-to-defence conglomerate Hanwha Group bought a stake in Dyna-Mac Holdings Ltd., a Singaporean floating facility designer and manufacturer, for S$100 million ($73.8 million) from Keppel Ltd. to expand the marine plant business of the group’s shipbuilder Hanwha Ocean Co.
Keppel said it has divested of its entire 23.91% of the issued share capital in Dyna-Mac, listed on the Singapore Exchange (SGX), to Hanwha Ocean and Hanwha Aerospace Co. in a filing on May 10 to the city-state’s bourse.
The market value represented by the share sale as of May 9 was approximately S$90 million, Keppel said.
Two production facilities
The company, which has two production facilities in Singapore and one in China, is known to have excellent design capabilities, industry sources in Seoul said.
South Korean shipbuilders including Hanwha Ocean usually join hands with overseas companies with strong design skills for global offshore plant deals due to insufficient design capabilities despite outstanding production competence.
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Source: Kedglobal
