KKR, a private equity firm, sold its stake in HD Hyundai Marine Solution through an after-hours block trade, cashing out 295 billion won.
According to the investment banking sector on the 20th, KKR sold 4.49% (2 million shares) of its equity in HD Hyundai Marine Solution through a block trade after the market closed the previous day. The selling price per share was 147,500 won, reflecting a 9.3% discount from the previous day's closing price.
HD Hyundai Marine Solution was established in November 2016 when HD Hyundai (then Hyundai Heavy Industries) spun off its ship repair and after-service (AS) sector. KKR became the second-largest shareholder in 2021 by securing a 38% equity stake in HD Hyundai Marine Solution.
KKR previously attempted to sell approximately 4% of its equity in HD Hyundai Marine Solution, equivalent to 1,778,000 shares, through a block deal on December 3rd of last year. However, the sale was not executed as President Yoon Suk-yeol declared a state of emergency at the time.
Following forecasts that the shipbuilding industry and related sectors would benefit from the inauguration of Donald Trump's second administration in the U.S., the stock price of HD Hyundai Marine Solution also surged significantly. The closing price the day before the block deal was 162,500 won, an increase of about 22% from the stock price on the day of the declaration of martial law (132,800 won).