Hanwha to raise stake in Korea Aerospace Industries to 12% by end-2026

Hanwha to raise stake in Korea Aerospace Industries to 12% by end-2026 (Corrects headline to Hanwha, not Hanwha Aerospace) SEOUL, June 16 : South Korean defence firm Hanwha Aerospace said on Tuesday it will buy 500 billion won ($331.41 million) worth of shares in Korea Aerospace Industries (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 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 per cent by end of the year, the company said. ($1 = 1,508.7000 won)