Hanwha Group headquarters in Seoul / Courtesy of Hanwha Group Hanwha Group has increased its stake in Korea Aerospace Industries (KAI) to 9.04 percent, further strengthening its presence in the nation's aerospace and defense sector.
Hanwha Aerospace said Tuesday in a regulatory filing that it secured a 6.5 percent stake in KAI, achieving ahead of schedule its previously announced plan to invest 500 billion won ($331 million) in the company by the end of this year.
Hanwha Systems also expanded its holdings in KAI to 1.53 percent through an additional 125 billion won investment.
Combined with the 1.01 percent stake held by Hanwha Aerospace USA, Hanwha Group now owns a total of 9.04 percent of KAI, making it the company's second-largest shareholder after the state-run Export-Import Bank of Korea, which holds a 26.41 percent stake.
Also on Tuesday, Hanwha Aerospace's board approved an additional 500 billion won investment to acquire more KAI shares by year-end.
