HLB Power Appoints New Board Members... "Full-Scale Entry into Bio Business"

[Asia Economy Reporter Yoo Hyun-seok] HL Biopower, a KOSDAQ-listed company, announced on the 14th that it will hold a general shareholders' meeting on the 30th to appoint Cho Yong-jun, CEO of Dongkoo Bio & Pharma, and Lee Hyung-seung, CEO of TS Bio, as new directors.

Earlier, on the 8th of last month, HL Biopower disclosed that its largest shareholders had changed to TS No.1 Partnership and TS Bio. At today's board meeting, the company formed a new board of directors and submitted an amendment to the articles of incorporation as an agenda item for the shareholders' meeting to enter new bio-business sectors such as advanced pharmaceutical contract manufacturing organization (CMO) services.

Cho Yong-jun, CEO of Dongkoo Bio & Pharma, concurrently serves as chairman of the Korea Pharmaceutical Cooperative and vice chairman of the Korea Federation of SMEs. Under his leadership, Dongkoo Bio & Pharma, which has secured outstanding technology in the fields of dermatology and urology, has achieved external growth and sustained profitable management for many years. He is recognized for his excellent capabilities, having led several successful investments in the pharmaceutical and bio sectors.

Among the companies invested under CEO Cho's leadership, several such as Genome & Company and Vuno have already been listed on the KOSDAQ market. Other companies including D&D Pharmatech, Bionote, and Novacell Technology are preparing for listing. TS Bio, which has become the largest shareholder of HL Biopower, is also a company invested in by CEO Cho along with Kwon Ki-beom, vice chairman of Dongkook Pharmaceutical, raising expectations for future synergy with HL Biopower.

Lee Hyung-seung, CEO of TS Bio and former CEO of IBK Investment & Securities and Nature Cell, is regarded as a leading financial expert in the bio industry. He practically led the acquisition of HL Biopower and plans to establish a comprehensive management foundation to ensure the stable progress of HL Biopower's upcoming bio-business.

An HL Biopower official stated, "With the formation of this new executive team, we will continue to stably operate our existing desulfurization and plant equipment business while entering the high-growth bio-business sector, aiming to maximize shareholder value along with the company's mid- to long-term development."

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