Hanwha Ocean jumps as Trump memo opens door to foreign-built US Navy vessels
BUZZ-Hanwha Ocean jumps as Trump memo opens door to foreign-built US Navy vessels SEOUL, Aug 14 (Reuters) - ** Shares in Hanwha Ocean 042660.KS rose as much as 9.6% in Friday morning trade to a six-week intra-day high
** U.S. President Donald Trump directed the Department of War to pursue procurement plans that could allow foreign shipbuilders investing in U.S. yards to build up to two ships at their parent shipyards, under a plan aimed at expanding U.S. shipbuilding capacity
** The policy, set out in a presidential memorandum signed on Thursday and an accompanying fact sheet, would apply to foreign companies that build a new U.S. shipyard or take ownership or a majority equity stake in an existing one; subsequent ships would have to be built in the United States
** South Korea's Hanwha Group, including shipbuilding affiliate Hanwha Ocean, which acquired and operates Philadelphia's Philly Shipyard, could meet the ownership requirement, Yonhap news agency said
(Reporting by Joyce Lee)
((joyce.lee@tr.com;))