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Industry
Hanwha launches Hanwha M&S intermediate holding company for tech and life businesses
Hanwha has launched an intermediate holding company grouping its tech and life affiliates, as the group moves to a more independent management system by business area. Hanwha Machinery & Service Holdings, or Hanwha M&S, held a launch ceremony in central Seoul on Sunday and declared its official establishment. The company spans two divisions and includes 57 affiliates worldwide. It plans to list on the Korea Exchange’s main board on Aug. 25.
Finance
KOSPI nears 5,000 as group shares lead rally
Group shares tied to defence, robotics and holding-company value-up themes are leading gains as the KOSPI approaches 5,000. The index closed at a record 4,904.66 on Jan. 19. Hyundai Motor surged 16.22 percent and rose to third by market value, while Posco and Doosan-related stocks gained on robotics news. Hanwha shares advanced on a planned split, and related domestic equity ETFs posted strong year-to-date returns.
Industry
Hanwha approves spin-off to end conglomerate discount
Hanwha will separate its defence, shipbuilding, energy and finance operations from its tech and life businesses after its board approved a shareholder spin-off on Jan. 14. The existing company will keep the core industrial businesses, while a new company will hold tech and consumer units. Hanwha expects the move to ease a conglomerate discount and improve decision-making. It also plans to cancel 4.45 million common shares, raise the minimum dividend and buy back remaining old preferred shares for cancellation.