Hanwha Solutions Finalizes 1.2 Trillion Won Rights Offering

According to Yonhap, Hanwha Solutions Corp. finalized its rights offering at 1.2 trillion won ($809.7 million), about half of the 2.4 trillion won it initially aimed to raise. The Hanwha Group energy and chemicals affiliate set the final subscription price at 22,100 won per share and plans a public offering of unsubscribed shares. Hanwha Solutions said in March it planned to use 1.5 trillion won of the proceeds to repay debt and 900 billion won for future growth investments. The offering was cut to 1.7 trillion won after repeated requests from South Korea's Financial Supervisory Service to revise the filing and opposition from minority shareholders, and it was later reduced further after the company's share price fell. Hanwha Solutions said it plans to cover the shortfall through internal financing, including additional liquidity from its U.S. operations.