Hanhwa Group, a South Korean conglomerate, has offered to buy all the shares in Dyna-Mac Holdings that it does not already own. This would value the offshore oil-and-gas contractor at S$669.2million ($513.90million).

Hanhwa units Hanhwa Aerospace, and Hanwha Ocean own 25,4% of Dyna-Mac. These units want to gain control of Dyna-Mac through this offer.

The offer price is S$0.6, which represents a 21.2% increase over Dyna-Mac’s previous closing price.

Hanhwa stated that the tender process should be completed by 2024. It added that their units would conduct the offer via a Singapore-based special purpose company.

Dyna-Mac is a marine floating offshore plant structure manufacturer with two factories in Singapore. Its main product is a floating storage and offloading vessel.

Hanhwa reported that the global demand for offshore floating plants is growing. 83 of these vessels are expected to be ordered before 2030. $1 = 1.3022 Singapore Dollars (Reporting and editing by Ayushman ojha)

(source: Reuters)