Hanwha buys remaining stake in chemical business from Samsung Hanwha General Chemical to be almost wholly owned by conglomerate’s two affiliates
Translated by Ryu Ho-joung 공개 2021-06-28 07:35:54
이 기사는 2021년 06월 28일 07:24 thebell 에 표출된 기사입니다.
Hanwha General Chemical is set to be wholly owned by Hanwha Group six years after the defense and energy-focused conglomerate acquired Samsung Group’s defense and chemical businesses in a landmark deal worth 2 trillion won ($1.77 billion) in 2015.Hanwha Energy and Hanwha Solutions announced in filings on Thursday that their boards of directors approved the purchase of 20.05% and 4.05% stakes in Hanwha General Chemical – formerly Samsung General Chemical – held by Samsung C&T and Samsung SDI, respectively, for 1 trillion won.
The two Hanwha affiliates will buy 11.56% and 12.55% stakes, respectively, increasing Hanwha Energy and Hanwha Solutions’ ownership interest in Hanwha General Chemical to 51.7% and 47.6%.
As part of the agreement in 2015, Samsung had the right to sell the remaining holdings in the chemical company to Hanwha if the company does not go public until April 2022. Hanwha also had the right to buy the company’s stake held by Samsung affiliates. The announced transaction, however, was a separate deal between the two conglomerates, according to sources.
Now that Hanwha General Chemical is almost fully controlled by Hanwha affiliates, the chemical company could resume dividends – which it stopped for the past six years – serving as a cash cow for Hanwha Energy and Hanwha Solutions, industry watchers said.
Hanwha General Chemical has an annual capacity to produce around two million tons of purified terephthalic acid. Its operating profit margin has recorded a two-digit growth every year on a non-consolidated basis, increasing to over 30% in 2017 and 2018.
The company’s retained earnings also increased significantly due to strong income growth and no dividend payments, from 775 billion won at the end of 2015 to more than 2.7 trillion won at the end of 2020 on a non-consolidated basis.
A majority of the dividends paid by Hanwha General Chemical will go to Hanwha Energy, which will become the largest shareholder in the company with a 51.7% stake after the transaction between Hanwha and Samsung is completed in July. Hanwha Energy is 100% owned by H-Solution Corp, which is wholly controlled by Hanwha Solutions president Kim Dong-kwan and his two brothers.
Dong-kwan, the eldest son of Hanwha Group chairman Kim Seung-yeon, has been raising his stake in Hanwha Corp, the conglomerate’s de facto holding company, through H-Solution as part of a succession plan. Dividend payments by Hanwha General Chemical could mean more financial resources for him to build a shareholding in Hanwha Corp.
Dong-kwan had a 4.44% stake in Hanwha Corp at the end of March this year, versus a 22.65% stake held by his father. (Reporting by Ki-soo Park)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- 경남제약 품는 휴마시스, 유통네트워크·진단키트 '시너지'
- [Company Watch]글로벌텍스프리, 프랑스 자회사 '적자 전환'
- [Red & Blue]'주목도 높아지는 폐배터리' 새빗켐, 침묵 깨고 반등
- [HLB '리보세라닙' 미국 진출기]시장 우려 불식 나선 진양곤, 갑자기 마련된 기자회견
- 효성화학 특수가스 사업부, '경영권 지분 매각'으로 선회
- 한양, 만기도래 회사채 '사모채'로 차환한다
- 동인기연, 'GS 출신' 30년 베테랑 전호철 상무 영입 '성장 방점'
- 에스트래픽, 적자 '일시적 현상'... 2분기 수익개선 기대
- [Company Watch]'자회사 회생신청' 투비소프트, 성과 없는 신사업
- '크라우드 펀딩' 와디즈, '테슬라 요건' 상장 추진