Will the Temporary Shareholders' Meeting Become a Turning Point in Hanmi Pharm's Management Dispute?

Hanmi Science, the holding company of Hanmi Pharmaceutical Group, announced on the 25th that it will hold an extraordinary board meeting at its headquarters in Songpa-gu, Seoul, on the morning of the 27th.

The main agenda of this extraordinary board meeting is the resolution to convene an extraordinary general meeting of shareholders and the setting of the record date. In addition, the company explained that discussions will also be held on the agenda items to be submitted to the extraordinary general meeting, including the proposed amendments to the articles of incorporation and the appointment of two directors related to this matter.

Hanmi Pharmaceutical Group has been embroiled in a management rights dispute for nine months involving the owner family and the largest individual shareholder, Chairman Shin Dong-guk of Hanyang Precision. The so-called 'three-party alliance,' consisting of Chairman Song Young-guk and Vice Chairman Lim Joo-hyun, a mother and daughter from the owner family, and Chairman Shin, is demanding amendments to the articles of incorporation to expand the number of board members and the appointment of additional directors, and is requesting the convening of an extraordinary general meeting.

Furthermore, as the decision to convene the extraordinary general meeting has not been made, on the 4th, an application for permission to convene the extraordinary general meeting of Hanmi Science was filed with the Suwon District Court. In relation to this, the Suwon District Court has set the first hearing date for the 2nd of next month. However, if the agenda is discussed and the general meeting is decided to be convened at this board meeting, it is highly likely that the court's judgment will be deferred.

A Hanmi Science official said, “As previously stated, the board meeting is being held as a procedure to hold an extraordinary general meeting,” and added, “After deliberation by the board, the date and agenda for the extraordinary general meeting will be finalized.”