South Korea’s Hanwha Systems is selling its shares in Eutelsat (equal to a 5.4 per cent stake) for a reported €78 million ($85m). Citi Bank says the shares are on offer at just €3, which is some 13.9 per cent below Eutelsat’s current share price.

The move makes a 74 per cent loss for Hanwha on its initial $300 million investment. Hanwha invested in OneWeb prior to its merger with Eutelsat. Hanwha is still listed as a OneWeb distributor in South Korea.

The decision seems to have been made at just the time OneWeb was authorised to operate in South Korea (as was Starlink).

The news comes as Eutelsat is also trying to raise some €1.5 billion of fresh investment while at the same time long-term investor in OneWeb, Bharti Group, is also reportedly unhappy with progress at OneWeb and the absence of any meaningful Return on Investment for shareholders.

OneWeb (almong with Elon Musk’s Starlink and Reliance Jio) have now been licensed to operate in India.

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Categories: Blogs, Broadband, Inside Satellite, Satellite

Tags: eutelsat, OneWeb, South Korea