Australia's Treasurer Jim Chalmers has approved Hanwha's bid to lift its shareholding in Australian shipbuilder Austal (ASX:ASB) from 9.9% to 19.9%, concluding an eight-month Foreign Investment Review Board assessment.
Chalmers said the decision followed "long and careful deliberation" and extensive consultation, noting it took into account economic, national security and broader national-interest considerations.
He stressed Hanwha would remain a minority investor and would be prohibited from exceeding the 19.9% threshold.
The approval includes strict conditions, including limited access to sensitive information and tight controls on any Hanwha nominees to Austal's board, which Chalmers said were designed to protect the government’s sovereign interests in the nation's designated strategic shipbuilder.