[Special Stock] Shinpung Pharmaceutical Falls 11% on News of Partial Sale of Major Shareholder Stake

[Asia Economy Reporter Jang Hyowon] Shinpoong Pharmaceutical is experiencing a sharp decline following news that its largest shareholder sold part of its stake.

As of 10:06 AM on the 27th, Shinpoong Pharmaceutical is trading at 83,400 KRW, down 11.65% from the previous day.

On this day, Shinpoong Pharmaceutical's largest shareholder, 'Songamsa,' sold 2 million shares (3.63%) at 84,016 KRW per share in an off-hours transaction. The disposal amount was 168 billion KRW. As a result, Songamsa's stake decreased from 26.86% to 23.23%.

The largest shareholder of Songamsa is Jang Wonjun, CEO of Shinpoong Pharmaceutical, who holds 72.91% of the shares. CEO Jang also owns 0.19% of Shinpoong Pharmaceutical's common stock and 5.12% of preferred stock.