A Hanwha Ocean Co. affiliate sold its stake in the South Korean shipbuilder, raising about 1.4 trillion won ($1 billion), after the company’s shares more than tripled over the past year.
Hanwha Impact Partners Inc., a US-based investment firm wholly owned by two Hanwha companies, will use the proceeds to help advance Korea’s shipbuilding collaborations with the US, including the Make American Shipbuilding Great Again project, and also for US liquefied natural gas investments, Hanwha Group said in a statement. It will also help the South Korean conglomerate reduce debt, it said.
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