Shares of HD Hyundai Heavy Industries and Hanwha Ocean rose early on the 7th following news that they jointly bid for a submarine introduction project in Canada.
As of 9:23 a.m. on the same day, HD Hyundai Heavy Industries was trading at 421,000 won, up 12,500 won (3.06%) from the previous trading day. Early in the session, shares of HD Hyundai Heavy Industries rose to 531,000 won, surpassing their highest price in a year. At the same time, Hanwha Ocean recorded an increase of 2,000 won (2.53%) to 80,900 won.
On the 5th (local time), Canada's largest TV broadcaster CBC reported that three South Korean defense companies, including HD Hyundai Heavy Industries and Hanwha Ocean, submitted unsolicited proposals to the Canadian government in March this year, amounting to approximately $20 billion to $24 billion (about 27.8 trillion won to 33.3 trillion won).
Canada is promoting a 'Canada Patrol Submarine Project' (CPSP) to introduce 8 to 12 submarines of 3,000 tons (t) each, with a projected budget of up to 60 trillion won. The South Korean Defense Acquisition Program Administration noted in March that South Korean defense firms would participate in the submarine introduction project in Canada as a 'one team.'