Im Jong-yoon, President of Hanmi Pharm, "Chairman Shin Dong-guk Decided to Support Us"

In the management dispute within Hanmi Pharmaceutical Group, Shin Dong-guk, chairman of Hanyang Precision Chemicals who holds the casting vote, has decided to support the side of President Lim Jong-hoon and his brother, who oppose the merger between OCI Group and Hanmi Pharmaceutical Group.

According to industry sources on the 23rd, President Lim's side stated, "Chairman Shin has decided to support us."

[Image source=Yonhap News]

The eldest and second sons of the late founder of Hanmi Pharmaceutical Group, Lim Seong-gi, Lim Jong-yoon and Jong-hoon, have been in conflict after opposing the Hanmi Science board's decision in January to announce a merger with OCI Group.

Accordingly, the upcoming Hanmi Science shareholders' meeting on the 28th is expected to feature a vote showdown between the brothers, who have expressed their intention to return to management, and their mother, Chairman Song Young-sook, who is pursuing the merger.

At the shareholders' meeting, two proposals will be presented: the brothers' proposal to appoint five board members including themselves, and the company's proposal to appoint six board members. If the brothers win the vote, the management rights of Hanmi Science could be reversed.

Ahead of the vote, both sides have been focused on securing Chairman Shin, who holds an 11.52% stake in Hanmi Science, as an ally to gain a voting advantage. Chairman Shin, who had consistently maintained a neutral stance, has now decided to support the brothers, giving them a favorable position for the time being.

Meanwhile, industry attention is also focused on the outcome of the provisional injunction case filed by the brothers against Hanmi Science to prohibit the issuance of new shares, which is expected to be decided before the shareholders' meeting.