Hyundai Pharm Sells 60 Billion Won in Treasury Shares...Swaps with Friendly Stakeholders
Disposition of 15% Out of 18% of Treasury Shares
Share Swap with Shinpoong Pharmaceutical, Daewha Pharmaceutical, Samil Pharmaceutical and Others
Hyundai Pharm will dispose of its treasury shares worth 60 billion won.
On the 26th, Hyundai Pharm announced that it had decided to dispose of 4,780,654 common shares at 12,810 won per share. The planned total disposal amount is 61,240,170,000 won. The volume to be disposed of represents approximately 14.94% of the total 32 million shares issued.
The disposal will be carried out through a block trade of 1.5 million shares after hours and an over-the-counter sale of 3,280,654 shares. The buyers include 1.5 million shares to domestic and overseas institutional investors, 2,307,929 shares to Shinpoong Pharmaceutical, 844,493 shares to Daewha Pharmaceutical, and 128,232 shares to Samil Pharmaceutical. The company stated that it selected the counterparties in consideration of achieving its management objectives, securing funds quickly, and creating business synergies.
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The purpose of the disposal is to fund the expansion of the Cheonan plant, secure clinical trial financing for the new type 2 diabetes treatment drug candidate "HDNO-1605," and strengthen business cooperation through strategic alliances.
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