Hanwha Solutions said on the 17th that its board approved a revision to cut the size of its rights offering to 1.8 trillion won from the previous 2.4 trillion won. Of the original plan, the debt repayment amount will be reduced by 600 billion won to 900 billion won from 1.5 trillion won, while the 900 billion won plan for future growth investment will be maintained as is.
With the downsized offering, Hanwha Solutions plans to raise the shortfall of 600 billion won through securitization of investment assets and equity-like financing. Hanwha Solutions also said it will not conduct any additional rights offerings through 2030 after this one.
The company said it will carry out the released future innovation growth investments, financial structure improvements, and shareholder return policies as planned. Hanwha Solutions has put forward targets of 33 trillion won in sales and 2.9 trillion won in operating profit on a consolidation basis by 2030. To enhance shareholder value, it plans to return 10% of consolidated net income to shareholders over five years from 2026 to 2030 through dividends or share buybacks and cancellations.
Nam Jeong-un, head of the chemicals unit at Hanwha Solutions, and Park Seung-deok, head of the Qcells unit, said, "We sincerely reflect on and apologize for causing great concern by failing to communicate sufficiently with shareholders and the market about the scale and background at the outset of the rights offering push," adding, "We will do our utmost to actively communicate with shareholders and the market."