Doosan Fuel Cell shareholders, including group Chairman Park Jeong-won, seeded a 23 percent stake in Doosan Fuel Cell to Doosan Heavy Industries & Construction to improve the latter company's financial structure.
Doosan Corporation was the largest shareholder of Doosan Fuel Cell, with an 16.78 percent stake, followed by Park with 4.40 percent. Following the transfer, Doosan Heavy, a power plant builder, will become the largest shareholder of Doosan Fuel Cell.
A total of 12,763,557 shares were transferred, costing 606.3 billion won ($548 million) based on Wednesday's closing price.
Doosan Heavy will be able to improve its financial structure using the stake in Doosan Fuel Cell and the issuance of new stocks scheduled for next month, according to Doosan Corporation in a statement on Thursday.
“Doosan Group’s eco-friendly energy business will grow stronger” through the synergy between Doosan Heavy and Doosan Fuel Cell, which develops environmentally-friendly fuel cells.
Doosan Heavy is also in the process of selling its shares in construction heavy equipment maker Doosan Infracore.
