Dongguk Shin Acquires Hanmi Science Shares Worth 172.7 Billion Won... Management Rights Dispute Reignites
Personal Stake Rises from 22.88% to 28.15%
Management Tensions Escalate Following Jonghoon Lim's Stake Sale
Dongguk Shin, Chairman of Hanyang Precision, has moved to acquire additional shares in Hanmi Science worth approximately 170 billion won. As major shareholders continue to transfer stakes in Hanmi Science, which has been embroiled in an ongoing management rights dispute, tensions surrounding the company’s governance structure are rising again.
According to the Financial Supervisory Service’s electronic disclosure system on July 8, Chairman Shin announced the previous day that he plans to purchase 3,604,799 common shares of Hanmi Science in an over-the-counter (OTC) transaction. The transaction amount is 172.7 billion won, with an acquisition price of 47,920 won per share. The scheduled trading period is from August 7 to August 11.
The counterparties to the transaction are Ji-yoon Hong and six others. Hong is known to be the spouse of Jong-yoon Lim, Chairman of Kori Group and eldest son of the late Sung-ki Lim, founder of Hanmi Group.
Once the transaction is completed, Chairman Shin’s personal stake in Hanmi Science will increase from the current 22.88% to 28.15%. Back in March, Chairman Shin also acquired 4,410,032 common shares of Hanmi Science over the counter for a total of 213.7 billion won. Including the current deal, his OTC purchases over the past six months amount to 8,014,831 shares, worth approximately 386.5 billion won.
Hanmi Science has faced a management rights dispute between the side of Chairwoman Young-sook Song and Vice Chairwoman Joo-hyun Lim, and the side of brothers Jong-yoon Lim and Jong-hoon Lim, following the founder’s passing. Most recently, Jong-hoon Lim, CEO of Hanmi Fine Chemical, shifted to support Chairwoman Song and Vice Chairwoman Lim and decided to sell part of his stake to Now IB, drawing renewed attention to the direction of shareholdings.
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Amid renewed concerns over the management rights dispute, the share price also responded. As of 9:58 a.m. on this day, Hanmi Science was trading at 35,100 won, up 10.90% from the previous day.
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