Corrected: Hanwha to raise stake in Korea Aerospace Industries to 12% by end-2026
CORRECTED-Hanwha to raise stake in Korea Aerospace Industries to 12% by end-2026 Corrects headline to Hanwha, not Hanwha Aerospace
SEOUL, June 16 (Reuters) - South Korean defence firm Hanwha Aerospace 012450.KS said on Tuesday it will buy 500 billion won ($331.41 million) worth of shares in Korea Aerospace Industries 047810.KS (KAI).
This was in addition to Hanwha Aerospace deciding to acquire 499.9 billion won worth of KAI shares on Tuesday and affiliate Hanwha Systems 272210.KS buying 125 billion won worth of shares in KAI, the company said in a statement.
Hanwha Aerospace's board voted to acquire the 500 billion won additional stake by the end of the year as part of its plan to boost global competitiveness, it said in the statement.
This will raise Hanwha Group's collective stake in the aircraft maker to more than 12% by end of the year, the company said.
($1 = 1,508.7000 won)
(Reporting by Jack Kim
Editing by Ed Davies)((jack.kim@thomsonreuters.com; +822 6936 1455;))
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