Medicox, Management Rights Sale on Track... General Meeting Convened for New Executive Appointment Proposal

[Asia Economy Reporter Jang Hyowon] Medicox announced on the 26th that it will convene an extraordinary general meeting of shareholders with the main agenda of replacing the management, including appointing KANAK CEO Lee Won-il and directors Oh Daehwan and Lee Jooncheol as new inside director candidates. The meeting date is set for the 10th of next month.

Lee Won-il, CEO of KANAK and a new inside director candidate for Medicox, stated, "We plan to lead the advancement of the domestic medical system by introducing the latest technologies such as artificial intelligence (AI), metaverse, and the Internet of Things (IoT)." He added, "Our goal is to analyze big data accumulated not only in the medical industry but also across the entire lifestyle sector, enhancing synergy with Medicox's infrastructure and providing various services."

CEO Lee Won-il has previously received recognition such as the Youth Committee Chairman Award for Young Entrepreneurs in 2016 and was selected as one of Forbes Korea's 20 Power Leaders in their 2030 category this year.

Other inside director candidates include Oh Daehwan, a medical institution expert who has handled marketing and sales of various medical products and immunosuppressants while working at pharmaceutical companies, university medical centers, and university hospitals, and Lee Jooncheol, Vice President of KANAK and a data system design expert.

Medicox announced that last month it signed a "stock and management rights sale agreement" to sell all of its approximately 5.99% stake held by its second-largest shareholder, Mecox Biomed, to KANAK. The sale amount is about 11.2 billion KRW.

KANAK, having prepaid about 10% of the contract amount, will complete the payment of the remaining balance of the main contract on the 9th of next month. At the extraordinary general meeting of shareholders held the following day on the 10th, the new KANAK-appointed board members will be appointed as inside and outside directors of Medicox. Following the acquisition of the second-largest shareholder status, the management rights will also be transferred, completing all sale procedures.

Founded in June last year, KANAK is a fintech specialized company that developed the integrated online and offline payment solution "ePAYDAY." Its annual transaction volume last year was about 150 billion KRW, with expected sales of approximately 7.5 billion KRW and operating profit of 3.7 billion KRW.

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