Austal Awaits Confirmation on Hanwha’s Increased Equity Stake Approval

The latest update is out from Austal ( (AU:ASB) ).

Austal Limited announced that Hanwha Group, a South Korean shipbuilder and significant shareholder, received approval from the Committee on Foreign Investment in the United States (CFIUS) to potentially increase its shareholding in Austal to 100 percent. However, Austal’s understanding of the approval differs from Hanwha’s claims, and the company is seeking written confirmation from CFIUS. Hanwha currently holds a 9.9 percent equity position in Austal and has applied to Australia’s Foreign Investment Review Board to increase its stake to 19.9 percent, which is still under consideration. The outcome of this decision will ultimately be determined by the FIRB and the Australian Treasurer, impacting Austal’s foreign ownership structure.

The most recent analyst rating on (AU:ASB) stock is a Hold with a A$2.55 price target. To see the full list of analyst forecasts on Austal stock, see the AU:ASB Stock Forecast page.

More about Austal

Austal is a global shipbuilder and defense prime contractor based in Australia, known for designing, constructing, and sustaining advanced commercial and defense vessels. With over 35 years of experience, Austal has delivered more than 350 vessels to 122 operators in 59 countries. It is Australia’s largest defense exporter and the first ASX-listed shipbuilder, with shipyards in Australia, the USA, Philippines, and Vietnam, and service centers worldwide. Austal is renowned for its monohull, catamaran, and trimaran platforms, including the Littoral Combat Ship and Expeditionary Fast Transport for the US Navy.

Average Trading Volume: 2,209,943

Technical Sentiment Signal: Buy

Current Market Cap: A$2.42B

For an in-depth examination of ASB stock, go to TipRanks’ Stock Analysis page.