Hanwha Group headquarters. Photo courtesy of Hanwha
Hanwha Solutions’ (009830.KS) rights offering has cleared the Financial Supervisory Service (FSS) review after being reduced from an initial 2.4 trillion won to 1.7 trillion won through three rounds of revisions.
According to financial authorities and industry sources Tuesday, the FSS reviewed the securities registration statement Hanwha Solutions submitted on May 26 and did not request additional revisions by the deadline that day. As a result, the company’s securities registration statement will take effect Wednesday.
Hanwha Solutions earlier announced a 2.4 trillion won rights offering plan on March 26 for the purpose of debt repayment, but the FSS requested the submission of revised registration statements twice, on April 9 and April 30.
Through the two rounds of revised registration statements, Hanwha Solutions cut the size of the rights offering to 1.8 trillion won. On May 26, it reduced the planned debt repayment amount by another 100 billion won, changing the total size to 1.7 trillion won, revising the rights offering plan three times in total.
With the registration now taking effect, Hanwha Solutions is expected to begin the full rights offering process. The company plans subscriptions for existing shareholders on July 22-23 and a general public offering on July 27-28, followed by the listing of new shares on August 11.
Of the funds raised through this rights offering, Hanwha Solutions plans to use 900 billion won for future investments, including perovskite tandem, pilot line upgrades (100 billion won), tandem mass-production line construction, and expansion of TOPCon production capacity (800 billion won), and 800 billion won for debt repayment.