LabGenomics Largest Shareholder Buys 2 Billion Won Worth of Shares On-Market to Enhance Shareholder Value
LabGenomics' largest shareholder, Luhagalacticos, has initiated on-market share purchases to enhance the company's stock value.
According to LabGenomics on June 15, as a result of this on-market purchase, the number of LabGenomics shares held by Luhagalacticos increased from 11,999,534 shares to 13,893,425 shares. The ownership stake rose from approximately 16% to about 19%. The total amount spent on this on-market purchase was 2 billion won.
Since acquiring LabGenomics, Luhagalacticos PE has pursued strategies to enhance the company's long-term value, such as expanding its next-generation sequencing (NGS) diagnostics business based on US CLIA-certified laboratories and strengthening strategic partnerships with major domestic pharmaceutical companies. This increase in shareholding is seen as a demonstration of the largest shareholder's confidence in, and commitment to, responsible management, reflecting their strong belief in LabGenomics' future growth potential and the normalization of its valuation.
A representative from Luhagalacticos PE commented on this decision, stating, "We believe that the current share price is significantly undervalued, considering the company's intrinsic value and growth potential, due to factors such as the global economic slowdown and the downturn in the biotech sector. With this increase in shareholding, we aim to further clarify our commitment to responsible management and will continue to provide full support to ensure that our efforts to improve business performance and shareholder value are properly recognized by the market."
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Meanwhile, LabGenomics recently secured a 20 billion won convertible bond investment from STIC Investments, a leading domestic private equity fund (PEF) management company, thereby demonstrating its strong financial stability and business credibility. Building on this foundation, the company plans to accelerate the expansion of the domestic and international molecular diagnostics market, including NGS diagnostics through its US subsidiary, and to achieve a mid- to long-term turnaround in its business performance.
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