OCI Holdings, "Proceeding with Integration Process" After Dismissal of 'Hanmi Integration Opposition Injunction'

Lee Woo-hyun, Chairman of OCI Holdings (left), is speaking at a press conference held on the 25th at Hanmi Tower in Songpa-gu, Seoul. Photo by Jo Yong-jun jun21@

OCI Group and Hanmi Pharmaceutical Group opposed the integration, and the injunction to prohibit new share issuance filed by the founding brothers of Hanmi Pharmaceutical, Jong-yoon and Jong-hoon Lim, was dismissed. In response, OCI Holdings stated that it plans to continue the phased integration process.

On the 26th, OCI Holdings released a statement saying, "OCI Holdings respects the judiciary's decision recognizing the sincerity and legality of the integration between the two companies," and added, "With the dismissal of the injunction to prohibit new share issuance, we plan to continue the phased integration process between the two groups based on this."

They continued, "Since the opposition arguments from the shareholder proposal side regarding this integration were dismissed by the judiciary, we expect the shareholders of Hanmi Science to make wise decisions for Hanmi's future," and stated, "We will faithfully carry out the remaining integration procedures."

On the same day, the Civil Agreement Division 31 of Suwon District Court (Chief Judge Jo Byung-gu) dismissed the injunction to prohibit new share issuance filed by former Hanmi Pharmaceutical presidents Jong-yoon and Jong-hoon Lim against Hanmi Pharmaceutical Group. The court stated the reason for the decision: "Although there is suspicion that Chairman Song Young-sook of Hanmi Pharmaceutical Group and others aim to strengthen management or control rights, the investment company search and other long-term reviews over a period of two years have been conducted, and considering this process, the board's management judgment should be respected."

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