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Industry

Hanwha to pay suppliers early ahead of Lunar New Year

Hanwha Group said on Feb. 10 it will make early payments of about 179 billion won to partner companies ahead of the Lunar New Year holiday. Hanwha Aerospace will pay 74.5 billion won, Hanwha Ocean 55.3 billion won and Hanwha’s construction unit 11.7 billion won, among others. The total is 9 billion won more than the 170 billion won it paid early for last year’s Lunar New Year.

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.