Dong-A ST Appoints Chairman Eom Dae-sik and President Han Jong-hyun as Co-CEOs

Chairman Eom Dae-sik at the 24th General Meeting: "Focusing on Developing Stelara Biosimilar This Year"

Chairman Eom Dae-sik is giving a greeting speech at the 8th regular shareholders' meeting of Dong-A ST. (Photo by Dong-A ST)

[Asia Economy Reporter Kim Ji-hee] Dong-A ST announced on the 24th that it held the 8th regular general meeting of shareholders and a board meeting at its headquarters in Yongdu-dong, Dongdaemun-gu, Seoul, and appointed Chairman Eom Dae-sik and President Han Jong-hyun as co-CEOs.

At the regular general meeting of shareholders held that day, six agenda items were presented and passed as originally proposed, including ▲approval of the 8th financial statements (including the appropriation of retained earnings) and consolidated financial statements ▲partial amendment of the articles of incorporation ▲appointment of directors ▲appointment of outside directors as audit committee members ▲appointment of audit committee members ▲approval of the limit on directors' remuneration.

Based on separate financial statements, Dong-A ST achieved sales of 586.6 billion KRW and operating profit of 34.1 billion KRW last year, representing decreases of 4.2% and 40.2%, respectively, compared to the previous year. Subsequently, the approval of the financial statements and consolidated financial statements, as well as a cash dividend of 1,000 KRW per common share, were presented and approved.

The partial amendment of the articles of incorporation, proposed in accordance with the revision of the Commercial Act and the enforcement of the Act on Electronic Registration of Stocks and Bonds (Electronic Securities Act), was also approved.

Chairman Eom Dae-sik of Dong-A ST was reappointed as an inside director, and President Han Jong-hyun was newly appointed. Outside directors and audit committee members Choi Hee-joo, advisor at the law firm Yulchon, and Ryu Jae-sang, professor at Ewha Womans University, were reappointed. In particular, in accordance with the amendment to the Commercial Act requiring one audit committee member to be elected separately, outside director Ryu Jae-sang was elected separately.

In his greeting, Chairman Eom Dae-sik said, “Although Dong-A ST’s overall sales declined last year due to the COVID-19 pandemic, sales in the prescription drug sector exceeded the market growth rate, and the R&D sector, which will be a mid- to long-term growth engine, proceeded smoothly according to the planned goals. In the R&D field this year, we will focus on the global development of the biosimilar DMB-3115 of the psoriasis treatment drug Stelara, and plan to conduct preclinical trials of improved new drugs and new pipelines.”

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