Lumimicro Plans to Purchase 10 Billion Won Worth of Vivozon Shares

[Asia Economy Reporter Hyungsoo Park] Lumimicro will purchase 10 billion KRW worth of shares of the new drug development company Vibozone on the over-the-counter stock market (K-OTC).

According to the Financial Supervisory Service on the 2nd, Lumimicro announced on the 28th of last month that it plans to purchase a total of 10 billion KRW worth of Vibozone shares by September 30. The expected ownership stake is 1.55%.

Lumimicro's largest shareholders are Voltia and Vibozone, holding 20.76% (25 million shares) of the shares. Doohyun Lee, CEO of Vibozone, serves as the chairman of Lumimicro's board of directors.

Doohyun Lee, founder and CEO of Vibozone, holds 18.12% of Vibozone shares. The largest shareholder of Vibozone is Telcon RF Pharmaceutical. If Lumimicro expands its stake in Vibozone, the gap in shareholding ratios between Telcon RF Pharmaceutical and CEO Lee could narrow.

Regarding Vibozone's method of entering the stock market, CEO Lee and Telcon RF Pharmaceutical have differing opinions. As Lumimicro moves to secure shares of Vibozone, CEO Lee can benefit from expanding friendly shares.

Earlier, on January 30, CEO Lee also stated that he is considering a backdoor listing plan for Vibozone through Lumimicro. The position is to find a listing method advantageous for developing the non-narcotic analgesic Opiranzerin (VVZ-149).