Hanwha Group launches bid for Singapore-based Dyna-Mac Holdings

A topside structure for an offshore plant manufactured by Dyna-Mac is being moved by a crane. (Dyna-Mac website)

Hanwha Group announced on Thursday that it is launching a public tender offer to acquire shares of Dyna-Mac Holdings, a Singapore-based company specializing in floating offshore structures.

Through this acquisition, Hanwha Aerospace Co. and Hanwha Ocean Co. aim to secure management control of the publicly traded firm.

The offer will be conducted via a special-purpose company (SPC) based in Singapore, with the share price set at 0.6 Singapore dollars ($0.46) per share.

The two Hanwha companies collectively plan to invest about 600 billion to accomplish the public tender offer.

The tender process began with a notice on the Singapore Exchange and is expected to be finalized by December.