Daewoo Shipbuilding & Marine Engineering, South Korea’s third-largest shipyard, was officially rebranded as Hanwha Ocean during an extraordinary shareholder meeting that took place on Tuesday.

The Hanwha Group, South Korea’s seventh-largest business conglomerate, completed its takeover of DSME through a private placement of shares, with multiple companies within the group supplying funds.

Hanwha acquired the shipbuilder’s KRW 2trn ($1.52bn)