Bukwang Pharm Meets OCI as Largest Shareholder... Establishing Joint Management System
[Asia Economy Reporter Lee Chun-hee] The largest shareholder of Bukwang Pharmaceutical is changing to OCI. The plan is for the two sides to establish a joint management system by transferring some of the shares held by Kim Sang-hoon, president of Bukwang Pharmaceutical and the second-generation owner who was the previous largest shareholder, to OCI.
On the 22nd, Bukwang Pharmaceutical announced that it had signed a stock sale agreement to sell 7,730,334 shares held by Kim Sang-hoon, the largest shareholder, and eight others to OCI, a company specializing in energy and chemicals. Through this agreement, OCI will hold about 11% of Bukwang Pharmaceutical's shares, becoming the largest shareholder.
Going forward, both parties plan to participate jointly in management through a shareholder agreement. They intend to mutually consult on important management decisions such as new product development, investment decisions, and large-scale borrowing.
Bukwang Pharmaceutical and OCI have been building experience in joint management and investment cooperation through their jointly established joint venture, ‘BNO Bio,’ since 2018. With OCI's equity investment this time, it is expected that the expertise Bukwang Pharmaceutical has accumulated in the pharmaceutical and bio sectors will combine with OCI's capabilities and financial strength in the polysilicon field to create strong synergy. Bukwang Pharmaceutical plans to accelerate growth by increasing the scale of strategic investments and expanding its pipeline.
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Yu Hee-won, CEO of Bukwang Pharmaceutical, said, “We believe that OCI's equity investment combines Bukwang Pharmaceutical's new drug research and development (R&D) and strategic investment capabilities with OCI's know-how and financial strength as a global company. It is meaningful that we have laid the foundation to grow into a global pharmaceutical bio company together with OCI.”
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