South Korean conglomerate Hanwha now owns a 9.9 per cent stake in Australian shipbuilder Austal, an exchange filing showed on Tuesday.
The company, whose AU$1.02 billion ($650.96 million) takeover bid was rejected by Austal last year, has acquired 41.2 million shares in Austal at a price of AU$4.45 per share, according to the filing.
The Korean company does not intend to make a takeover bid for Austal "at this time", the term sheet showed.
Hanwha and Austal did not immediately respond to requests for comment.
The offer price represents a 16.2 per cent premium to Austal's closing share price on Monday of AU$3.83.
Hanwha did not hold any direct ownership of Austal before the after-market offer, the term sheet showed, though it does hold a 9.9 per cent interest through a cash-settled total return swap.
The Korean company intends to apply for Australian foreign regulatory approval to take its shareholding to 19.9 per cent, the term sheet showed.
Hanwha Group is South Korea's seventh-largest conglomerate with 112 trillion won ($77.33 billion) in assets spanning the energy, defence and financial industries.
(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Pooja Desai)