Hanwha Group stands firm on $0.60 apiece offer for Dyna-Mac

It is currently the only offer for the group.

Hanwha Ocean SG Holdings Ltd is holding on to its Voluntary Conditional Cash Offer for Dyna-Mac at S$0.60 in cash for each Offer share.

According to the group, the current offer is already at a 21.2% premium over recent market prices, a significant 512.9% premium over Dyna-Mac’s net asset value.

Hanwha outlined in its rationale that the global energy transition requires investment in offshore activities and infrastructure upgrades, which Dyna-Mac may struggle to manage alone.

Hanwha also cites the company’s lack of barriers like technology or intellectual property to defend against competition in the offshore fabrication market. Volatility in oil prices, geopolitical risks, and financial challenges can also affect the company’s outlook.

Hanwha said its acquisition will enable the Dyna-Mac to advance new technologies and investments in the Singapore energy market whilst preserving its status as a Singaporean home-grown enterprise. Hanwha also said company now requires a global scale to continue its growth in the current industry landscape

Hanwha’s offer closes at 5:30 PM SGT on 30 October 2024.

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