• Hanwha received CFIUS approval to increase shareholding in Austal
• Austal seeking written confirmation from CFIUS on approval details
• Hanwha has applied to FIRB to increase equity position to 19.9%

Austal Limited (ASX: ASB) has advised that it has received advice from South Korean shipbuilder and substantial Austal shareholder, Hanwha Group, that Hanwha has received approval from the Committee on Foreign Investment in the United States ('CFIUS') to increase its shareholding in Austal up to 100 per cent. Austal has subsequently sought independent verification of this claim and understands that the approval granted by CFIUS may be different to that claimed by Hanwha. Austal is now seeking written confirmation from CFIUS and will update shareholders once that information is received. Hanwha currently holds a 9.9 per cent equity position in Austal, and a further 9.9 per cent economic interest through a cash settled total return swap. Hanwha has also applied to Australia's Foreign Investment Review Board ('FIRB') to increase its equity position in Austal to 19.9 per cent, and that application is still under consideration by FIRB. As Austal is an ASX-listed, defence company, the final decision on any foreign ownership in Austal will be made by FIRB with its recommendation and the Australian Treasurer.