[Featured Stock] Bukwang Pharm Stock Rises 17% on OCI Acquisition

[Asia Economy Reporter Kwon Jae-hee] BUKWANG PHARM is showing strong stock performance following the news that OCI will acquire the company.

As of 2:22 PM on the 22nd in the KOSPI market, BUKWANG PHARM is trading at 13,300 KRW, up 17.18% compared to the previous trading day.

On this day, OCI announced that it will acquire 7,730,334 shares out of 15,352,104 shares (21.60% stake) held by Chairman Kim Dong-yeon, the largest shareholder of BUKWANG PHARM, and nine others, for 146.1 billion KRW.

OCI plans to pay 132.2 billion KRW on the 23rd and the remaining 13.8 billion KRW on March 8 as part of the acquisition payment.

OCI stated, "The acquisition was made to expand our entry into the bio business."

BUKWANG PHARM said, "Although this contract involves a change in the largest shareholder, the transferor and transferee will jointly participate in management through a shareholders' agreement," adding, "We plan to announce the change of the largest shareholder on the day all contracted shares are deposited into the transferee's stock account or within the following day."

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