[Featured Stock] Hanwha Galleria Preferred Shares, 'Double Upper Limit' for 2 Consecutive Trading Days

Hanwha Galleria preferred shares recorded the upper price limit for two consecutive trading days, fueled by the news of a tender offer for shares by Kim Dong-seon, the third son of Hanwha Group and Vice President in charge of Future Vision at Hanwha Galleria.

As of 10:09 a.m. on the 26th, Hanwha Galleria preferred shares were trading at 4,050 KRW on the KOSPI market, up 920 KRW (29.39%) from the previous close. This marks the second consecutive trading day hitting the upper price limit following the 23rd.

Meanwhile, Hanwha Galleria common shares were trading at 1,509 KRW, down 2 KRW (0.13%) from the previous close. Although the stock closed up 15.96% on the 23rd, the price fluctuation was minimal on this day.

The stock price reacted positively last week to the announcement that Kim Dong-seon, Vice President in charge of Future Vision at Hanwha Galleria, would launch a tender offer for Hanwha Galleria shares.

Vice President Kim plans to tender offer 34 million common shares at 1,600 KRW per share by the 11th of next month. The purchase price is approximately 34% premium compared to Hanwha Galleria’s recent one-month average closing price of 1,190 KRW, and about 23% premium compared to the previous day’s closing price of 1,303 KRW.