BIDAI Founder CEO Seungman Ahn Returns... "Accelerating Core Business Growth Including Renewable Energy"

[Asia Economy Reporter Hyunseok Yoo] VIDIA announced on the 29th that it held an extraordinary general meeting of shareholders and a board of directors meeting, appointing Chairman An Seungman, the largest shareholder, as CEO. With An Seungman, the founder who has led VIDIA for the past 30 years, officially returning through the board meeting, it is expected that growth in core businesses such as eco-friendly and renewable energy projects will accelerate.

VIDIA is currently promoting eco-friendly renewable energy projects including ▲Gampo Wind Power Project ▲Yeongam Floating Solar Power Project ▲Imgae Hybrid Power Project ▲Soryong Fuel Cell Power Project. As of the end of September this year, the order backlog amounts to approximately 490 billion KRW. Most of these projects are scheduled to commence construction next year.

In addition to its Engineering, Procurement, and Construction (EPC) business, VIDIA holds partial equity in a Special Purpose Company (SPC) related to solar power generation in the Imgae area of Jeongseon-gun, Gangwon Province. The company explains that stable funding is continuously possible through revenues from electricity and Renewable Energy Certificate (REC) sales.

CEO An Seungman stated, “I am now able to take responsibility for and execute the promised management stabilization and normalization both internally and externally,” adding, “First, we will resolve unclear management issues one by one, such as deferred bond payments and the Samcheonpo project.”

He continued, “VIDIA has been focusing on its core business in eco-friendly and renewable energy for the past four years, and next year will be a year when these efforts bear fruit and become the company’s growth engine,” adding, “Once the core eco-friendly renewable energy projects currently in preparation get on track and the excellence of new drugs in the bio new business is proven, VIDIA’s value will be re-evaluated.”

In November, VIDIA acquired a 37.5% stake in the U.S. new drug development company ‘Ellison Pharmaceuticals’ for 12 million USD to enter a new bio business. The company is approaching the completion of Phase 3 clinical trials for the pancreatic cancer treatment ‘Glufosfamide’ and the submission of a New Drug Application (NDA) in 2022. As early as next year, it plans to initiate FDA Phase 3 clinical trials for ‘ILC,’ targeting lung cancer and pediatric osteosarcoma, and ‘DBD,’ targeting brain cancer.

Meanwhile, at the extraordinary general meeting held on the same day, the proposal for a stock par value split was rejected due to concerns about its effectiveness, while the proposal to appoint four inside directors was approved as originally planned.

This content was produced with the assistance of AI translation services.