Hanwha Group has welcomed the Australia Government’s approval of its application for a 19.9 per cent equity position in Austal Limited, as recommended by the Foreign Investment Review Board.
Jae-il Son, CEO and President of Hanwha Aerospace, said the approval created the opportunity for Hanwha and Austal to strategically collaborate on global defence shipbuilding business.
“Today’s decision follows a robust and thorough review process by FIRB and the Treasurer, and we are pleased that we have been able to meet the Australian Government’s expectations. We also respect conditions for the approval and Hanwha will maintain full compliance,” said Son.
“We have always been confident of the benefits our investment will bring, and we will leverage our capabilities and insights for the benefit of the company and its stakeholders.
“We are pleased with the outcome of the FIRB process and we look forward to having productive discussions with Austal on the strategic path ahead.”
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