Panajin Minority Shareholders Alliance Faces Vote Battle Over Auditor and Director Appointment Proposals

[Asia Economy Reporter Jang Hyowon] Panajin, a KOSDAQ-listed company, is facing a vote showdown between management and minority shareholders at an extraordinary general meeting.

On the 2nd, Jo and 13 others from the Panajin Minority Shareholders Coalition announced that they have applied to the Daejeon District Court for permission to convene an extraordinary general meeting to appoint outside directors Lee Gyuseop, Kim Heonju, and auditor Ki Cheol.

Earlier, on the 9th of last month, the Minority Shareholders Coalition disclosed a joint holding agreement of 14.9% for the purpose of participating in Panajin's management. According to the Q3 quarterly report, the total shareholding of special relations, including CEO Kim Seonggi of Panajin, is 12.93%.

The Minority Shareholders Coalition claims that Park Heekyung, CEO of the diagnostic reagent company Siseon Biomaterials, leaked Panajin's technology and other information. CEO Park is the wife of CEO Kim Seonggi and worked at Panajin before founding Siseon Biomaterials in 2012.

Meanwhile, the decision on whether to approve the extraordinary general meeting requested by the Minority Shareholders Coalition is expected around mid-December. If the request to convene the extraordinary general meeting fails, the same agenda is expected to be addressed at the regular shareholders' meeting in March next year.