Hanwha Energy achieves 65% target in Hanwha Co. public tender offer... Shares up 5.2%

6 Million Shares Offered, 3.9 Million Shares Subscribed
"Strengthening Responsible Management and Enhancing Shareholder Value"

Hanwha Energy secured an additional 5.2% stake by acquiring about 65% of the target quantity of 6 million shares in the public tender offer for common shares of Hanwha Corporation.

Hanwha announced that approximately 3.9 million shares were tendered in the public tender offer conducted from the 5th to the 24th. The final results will be disclosed on the 26th through the public tender offer result report.

Hanwha Energy had set the tender offer price at 30,000 KRW, which is a 12.9% premium over the recent one-month average price and a 7.7% premium over the closing price on the day before the tender offer.

With this tender offer, Hanwha Energy's stake in Hanwha Corporation will increase from the existing 9.7% to 14.9%. The shares of Hanwha Energy are held 50% by Vice Chairman Kim Dong-kwan, and 25% each by CEO Kim Dong-won and Vice President Kim Dong-sun.

Hanwha explained, "Many shareholders seem to have evaluated the tender offer price, which included a certain premium, as appropriate, but it can also be seen that many shareholders have greater expectations for the future value of Hanwha Corporation."

They added, "Today’s closing price achieved more than 99% of the tender offer price, achieving the intended results of responsible management and enhancing shareholder value. We will continue to strive in our role as a major shareholder."

Hanwha Energy will purchase all 3.9 million shares tendered. The payment date for the shares subject to the tender offer is scheduled for the 26th.