[Special Stock] Hanmi Science, Siblings Preparing for Shareholder Meeting 'Vote Battle'... Not in Special Relationship with Mother

Hanmi Science's stock price is on the rise. It appears to be influenced by the disclosure that Lim Jong-yoon, president of Hanmi Pharm, and Lim Jong-hoon, president of Hanmi Fine Chemical, have no special relationship in terms of shareholding with their mother, Song Young-sook, chairwoman of the Hanmi Pharm Group. This is interpreted as a move to secure management rights through a vote battle.

As of 11:35 a.m. on the 25th, Hanmi Science is trading at 45,100 KRW, up 13.03% from the previous day.

On the previous day, Lim Jong-yoon and Jong-hoon, presidents of Hanmi Pharm, each announced, "We cannot be considered special related parties with Song Young-sook, the largest shareholder of Hanmi Science," and "We are submitting a report in a new reporting format."

The Lim brothers explained that "amid disagreements regarding the exercise of management rights over Hanmi Science, the largest shareholder Song Young-sook pushed for new share issuance against the will of Lim Jong-yoon and Lim Jong-hoon," and since they filed an injunction, they are no longer special related parties with Chairwoman Song. They submitted a new stock ownership report. Their combined shareholding in Hanmi Science is 28.4% (a total of 19,865,238 shares).

This decision by the brothers appears to be in preparation for a vote battle over the integration at the March shareholders' meeting if the injunction is granted. It is interpreted as an effort to separate the special relationship in order to independently exercise voting rights from Chairwoman Song's side.

Earlier, on the 12th, Hanmi Pharm Group and OCI Group signed an agreement to integrate through each company's contribution of assets and acquisition of new shares. The eldest and second sons of the late founder of Hanmi Pharm, Lim Seong-gi, Lim Jong-yoon and Jong-hoon, opposed this and jointly filed an injunction to prohibit new share issuance at the Suwon District Court, marking the start of a management rights dispute within the Hanmi Pharm Group.