SEOUL (Reuters) -South Korea’s financial market watchdog on Thursday ordered Hanwha Aerospace to submit a revised filing after the defence company announced a capital increasing plan worth 3.6 trillion won ($2.46 billion).
The order comes a week after Hanwha Aerospace announced the plan, the country’s biggest-ever secondary share issue, to boost local and overseas production amid growing demand.
That filing “lacked information needed for investors to make rational investment decisions,” the Financial Supervisory Service said in a text message to reporters, without elaborating.
On March 21, a day after the plan was announced, shares in Hanwha Aerospace posted their worst session since early November 2016, sinking 13%, as analysts raised questions over the intent and necessity for raising capital.
In November 2024, Korea Zinc dropped its share issuance plan worth 2.5 trillion won, with its chairman vowing to step down, after the financial watchdog blocked it and asked for a revision amid investor criticism.
($1 = 1,464.0000 won)
(Reporting by Jihoon Lee; Editing by Jan Harvey and Bernadette Baum)
