Duol Mulsan and Duol Mulsan Holdings Merge... "Responsible Management and Enhancing Shareholder Value"

[Asia Economy Reporter Hyunseok Yoo] Duol Mulsan is set to appoint an expert from a global investment bank as CEO to initiate responsible management and simultaneously establish a mid- to long-term growth foundation through a merger with ‘Duol Mulsan Holdings’.

Duol Mulsan announced on the 23rd that it plans to appoint Mr. Nahanik, formerly of Australian investment bank Macquarie and Nomura, as CEO and proceed with a merger between Duol Mulsan and Duol Mulsan Holdings.

Nahanik, CEO of Duol Mulsan, previously served as Chief Financial Officer (CFO) of Helixmith and CEO of Neuromion. He graduated from Boston College in Massachusetts, USA, completed a master’s program at Ohio State University, and worked as an analyst at Macquarie Securities and Nomura Securities. The company explained that his expertise in finance and experience holding key executive positions at bio companies make him an essential resource for establishing Duol Mulsan’s mid- to long-term growth strategy.

Starting with the appointment of the CEO, Duol Mulsan plans to stabilize management rights and establish a mid- to long-term growth foundation through the merger with Duol Mulsan Holdings.

Duol Mulsan Holdings, the largest shareholder of Duol Mulsan, was newly established in August through a spin-off from OQP. Since Duol Mulsan Holdings possesses investment and manufacturing management capabilities, Duol Mulsan plans to further strengthen its own business capabilities through this merger.

The merger ratio between Duol Mulsan and Duol Mulsan Holdings is 1 to 1. Upon completion of the merger, Duol Mulsan will be the surviving company, and Duol Mulsan Holdings will be the dissolved company. If the merger is approved at the shareholders’ meeting scheduled for October, existing Duol Mulsan Holdings shareholders will receive Duol Mulsan shares at a 1 to 1 ratio as of the merger date, December 3.

As a result, existing OQP shareholders will hold the same number of shares in both the KOSDAQ-listed OQP and Duol Mulsan, which is registered on the ‘K-OTC’. OQP is currently suspended from trading but has recently been granted an improvement period and is making every effort to meet the related requirements.

A Duol Mulsan official emphasized, “With the plan to appoint a CEO from a bio company and the fact that existing OQP shareholders will simultaneously hold shares in Duol Mulsan, not only can shareholder value be enhanced, but mid- to long-term growth strategies can be pursued based on stable management rights.”