Min&Z, Becomes Largest Shareholder of 'BioEleven'..."Maximizing Corporate Value"

[Asia Economy Reporter Yoo Hyun-seok] Lifestyle platform company Min&Ji announced that it has acquired 366,891 common shares of biotech company Bioeleven. With this, Min&Ji has become the largest shareholder of its consolidated subsidiary Bioeleven.

On the 26th, Min&Ji held a board meeting and resolved an agenda to acquire 366,891 common shares of Bioeleven worth approximately 15.5 billion KRW. As a result, Min&Ji's shareholding in Bioeleven increased from the previous 13.78% (330,000 shares) to 29.11% (696,891 shares).

Bioeleven is a biotech company that holds ‘Deusimone’, which is recognized individually by the Ministry of Food and Drug Safety with the number one 450 billion guaranteed bacterial count in Korea. It operates various businesses including health functional foods, healthcare services, and new drug development, and has recently entered overseas markets including China, recording explosive growth.

In particular, in January last year, Bioeleven signed a business agreement with the Scripps Korea Antibody Institute Foundation (Director Ha Kwon-su) for technology transfer and joint research and development of the ‘3rd generation immune-oncology antibody therapy’, officially entering the field of immune-oncology drug research and development based on the microbiome.

Min&Ji incorporated Bioeleven as a major subsidiary in April last year and has recorded the highest sales for five consecutive quarters through the first quarter of this year. Through this share acquisition, it is expected to further strengthen its control over Bioeleven and achieve corporate value enhancement through business diversification.

A company official said, "This share acquisition is significant for the restructuring of the governance centered on Min&Ji," adding, "Min&Ji now holds the largest shareholder status in key affiliates Settlebank (38%) and Bioeleven (29.11%), solidifying its governance as the parent company." He continued, "Going forward, Min&Ji will actively seek cooperative synergies by supporting subsidiary businesses with IT technology possessed by Min&Ji, including business expansion through subsidiaries as well as new businesses."

Lee Hyun-cheol, CEO of Min&Ji, said, “Since Bioeleven was incorporated as a major subsidiary last year, it has generated positive business synergies and greatly contributed to Min&Ji’s external growth,” and added, “As the largest shareholder, we will spare no support for Bioeleven going forward.”