Korea Development Bank to Sell Shares in Hanwha Ocean

South Korea's state-run Korea Development Bank plans to sell its shares in Hanwha Ocean, Maeil Business Newspaper reported on Monday.

KDB plans to split its 19.5% shares in the shipbuilder into multiple block sales, after a bookbuilding from Monday, the newspaper reported, without citing clear sources.

KDB was unavailable for comment after business hours.

KDB is the second-largest shareholder in Hanwha Ocean, after Hanwha Aerospace, which owns a 30.4% stake, according to LSEG data.

The shipbuilder, previously Daewoo Shipbuilding & Engineering whose largest shareholder was KDB, was acquired by Hanwha Group in a takeover deal in 2022.

Hanwha Ocean shares have risen 139% so far this year to their highest levels since July 2015 amid growing hopes for cooperation with the United States.

U.S. President Donald Trump, since his election victory last November, has sought cooperation with South Korean shipbuilders, such as Hanwha Ocean, which acquired a shipyard in Philadelphia last year.

(Reuters)