Hanwha Receives Approval to Acquire Marine Equipment Company Dynamac in Singapore

Reuters reported on the 15th that Singapore's competition authorities have approved Hanwha Group's acquisition of Dynamac in Singapore.

The Competition and Consumer Commission of Singapore (CCCS) stated in a press release that "the likelihood of this acquisition leading to a substantial reduction in competition in the marine plant supply sector is low."

Dynamac, established in 1990, is a company specializing in marine plant topside structures. It has two production bases locally in Singapore.

It possesses the capability to manufacture key products for offshore facilities such as Floating Production Storage and Offloading units (FPSO) and Floating Liquefied Natural Gas units (FLNG).

Hanwha Group affiliates Hanwha Aerospace and Hanwha Ocean have been pursuing control of Dynamac Holdings, a Singapore-listed company, through a public tender offer via a local special purpose company (SPC) in Singapore.