Hanwha Aerospace spin-off approved for KRX re-listing

Hanwha Aerospace's spin-off of its camera and chip equipment affiliates has been approved for re-listing by the Korea Exchange.

Hanwha Aerospace's booth at the Egypt Defence Expo 2023 in Cairo [YONHAP]

The Korea Exchange (KRX) approved the re-listing of Hanwha Aerospace's spin-off and the initial listing of Paradise, the securities exchange operator said Thursday.

Both companies meet the listing requirements according to the exchange’s regulations, according to the statement released by the KRX.

Hanwha Aerospace plans to spin off its surveillance camera maker Hanwha Vision and chip equipment maker Hanwha Precision Machinery, merging the two businesses into a single company tentatively named Hanwha Industrial Solutions that will be relisted on the exchange.

Hanwha Aerospace said in April that it would spin off its semiconductor equipment and video surveillance businesses to become a comprehensive defense solutions provider.

After the move is finalized, Hanwha Aerospace will have defense solutions provider Hanwha Systems and shipbuilder Hanwha Ocean as affiliates, while Hanwha Precision and Hanwha Vision will be wholly owned by the new company.

Paradise, which operates foreigner-exclusive casinos and hotels, will transfer its listing to the KRX main board. It was initially listed on the secondary Kosdaq market in November 2002.

BY CHOI HAE-JIN [choi.haejin@joongang.co.kr]