$Dyna-Mac (NO4.SG)$ South Korean conglomerate Hanwha plans t...

South Korean conglomerate Hanwha plans to exercise its right of compulsory acquisition for the remaining shares in Dyna-Mac it does not yet own.

This after Hanwha has secured a total of 92.22% of Dyna-Mac shares as at Nov 19.

Under local bourse rules, an offeror can exercise the compulsory acquisition option if its stake crosses 90%.

Hanwha first acquired a foothold in Dyna-Mac by taking over a stake previously held by longtime shareholder Keppel.

It then won over the estate of Dyna-Mac's late founder Desmond Lim with an improved offer price of 67 cents from 60 cents previously.

Further acquisitions from the open market helped bring Hanwha's total interests to the current level.

Upon taking over the remaining shares, Hanwha plans to delist Dyna-Mac.