Sejong Medical Acquires 14% Stake in Genencell for 'Health Functional Food R&D'

[Asia Economy Reporter Lee Seon-ae] Sejong Medical announced on the 20th that it acquired 14.01% (660,000 shares) of Genencell, which is engaged in the research and development of pharmaceuticals, cosmetics, and health functional foods, for 6,289.8 million KRW. This accounts for 14.5% of its equity capital, and the counterparty of the transaction is Kang Se-chan, the largest shareholder of Genencell. The purpose of the equity acquisition is business diversification.