As Hanwha Impact, a key corporation in the succession process of Hanwha Group, disposed of its entire stake in Hanwha Ocean (4.27%), attention is drawn to the use of the funds. Hanwha Impact is a company where Hanwha Energy, fully owned by Hanwha Group Chairman Kim Seung-yeon's three children, holds a majority stake. With this sale, Hanwha Impact has earned more than 1.7 trillion won in profits just two years after investing in Hanwha Ocean (then Daewoo Shipbuilding & Marine Engineering).
According to the Financial Supervisory Service's electronic disclosure system on the 5th, Hanwha Impact sold 13,075,691 shares of Hanwha Ocean to overseas institutional investors through an after-hours transaction (block deal) after the market closed the previous day. The sale price was 107,100 won per share, totaling 1.4 trillion won.
Considering this block deal, Hanwha Impact has sold its shares in Hanwha Ocean, which it purchased for 525 billion won more than two years ago, for a total of 2.2879 trillion won, realizing a profit of 1.7629 trillion won. The stock price of Hanwha Ocean surged due to a super cycle in the shipbuilding industry and positive developments in the U.S. Navy's maintenance, repair, and overhaul (MRO) business.
Hanwha Impact is 52.07% owned by Hanwha Energy, with the remaining 47.93% held by Hanwha Solutions, led by Vice Chairman Kim Dong-kwan. The equity in Hanwha Energy is distributed among Kim Dong-kwan, Vice Chairman of Hanwha Group (50%), Kim Dong-won, President of Hanwha Life (25%), and Kim Dong-sun, Vice President of Hanwha Galleria (25%). Kim Dong-kwan, the likely next leader, strengthened his control over the group by becoming CEO of the investment division of Hanwha Impact in August last year.
The succession of Hanwha Group is expected to conclude with the 11.32% equity held by Chairman Kim Seung-yeon of Hanwha Corporation transferring to the three brothers, followed by a personal spin-off based on their respective businesses. In this process, the corporate value of Hanwha Impact and Hanwha Energy, controlled by the three brothers, is expected to increase, which will be advantageous for the succession.
A Hanwha Group official noted, 'Although funds have come into Hanwha Impact, there are no special dividend plans. Since Hanwha Impact is an investment corporation based in the U.S., it is considering investing in several promising areas, including the 'Make American Shipbuilding Great Again' (MASGA) project, or paying off borrowed funds.'