Seoul: South Korea's financial regulator on Thursday ordered Hanwha Solutions Corp. to submit a revised filing over its plan to issue 2.4 trillion won (US$1.6 billion) worth of shares, citing insufficient information. The Financial Supervisory Service said in a regulatory filing that the company's securities registration statement failed to meet formal requirements or contained unclear or missing information on key matters.

According to Yonhap News Agency, the filing has not been accepted, and its effectiveness has been suspended. If Hanwha Solutions fails to submit a revised filing within three months, the registration will be deemed withdrawn. Hanwha Solutions, the energy solutions arm of chemicals-to-shipbuilding conglomerate Hanwha Group, said it will take the regulator's order seriously and prepare a revised filing that reflects feedback from shareholders and the media.

The company announced the large-scale rights offering plan on March 26 to repay debt, drawing criticism over the decision-making process and the purpose of the capital increase. Hanwha Solutions said the move was necessary to improve its financial structure amid a slowdown in the global solar and petrochemical markets, and to prevent a potential credit rating downgrade.