'Hanmi' Lim Jong-hoon: "I Do Not Oppose the Temporary General Meeting... Please Clarify What the Three-Party Alliance Wants"

Lim Jong-hoon, CEO of Hanmi Science, addressed the three-party alliance of Song Young-sook, Lim Joo-hyun, and Shin Dong-guk, who are aiming to regain management rights of Hanmi Pharmaceutical Group, saying, "Please clarify what you want at the shareholders' meeting."

Im Jong-hoon, CEO of Hanmi Science (third from the left in the back row), is speaking at the small shareholders meeting held on the 13th.
[Photo by Hanmi Science]

On the 13th, at a meeting with minority shareholders and a subsequent press conference held at the Hanmi Pharmaceutical headquarters in Songpa-gu, Seoul, CEO Lim stated, "If shareholders request, we will hold a general meeting," but added, "Holding a shareholders' meeting without clear agenda items is inefficient," expressing that it is difficult to discuss holding a meeting until the relevant details are confirmed.

Currently, the three-party alliance consisting of Chairman Shin, Hanmi Pharmaceutical Group Chairwoman Song Young-sook, and Hanmi Pharmaceutical Group Vice Chairman Lim Joo-hyun is demanding the convening of an extraordinary shareholders' meeting to increase the Hanmi Science board size from 10 to 12 members and fill the current vacancies beyond the existing 9 members with alliance-affiliated personnel. Although the alliance has gathered 48.19% of shares through their coalition, they have not secured management control over Hanmi Science, the group's holding company. This is because, in the current Hanmi Science board composition, the alliance holds 4 seats while the sibling faction holds 5, leaving the alliance at a disadvantage. To overturn this, they have adopted a strategy of convening a shareholders' meeting. However, CEO Lim rebutted that since they have not received answers regarding the necessity of expanding the board or who the newly proposed directors are, discussing the convening of a shareholders' meeting itself is impossible.

Meanwhile, regarding the overhang issue (potential sell-off volume) related to inheritance tax burdens continuously weighing on the group’s owners, Lim said, "We recognize it as a significant obstacle to the company's growth," and explained, "We have met with well-known private equity firms and are looking for suitable partners considering not just simple investment but also overseas networks and global influence." However, on specific plans, he was reserved, stating, "We are structuring through non-disclosure agreements (NDA) and reviewing various models."

Regarding the professional management appointments proposed by the three-party alliance and the sibling faction’s opposition to it, Lim said, "Currently, the system is similar to a professional management structure," emphasizing, "What is important is finding the right person who can contribute to the development of Hanmi Pharmaceutical Group." Conversely, addressing suspicions that even the siblings, who stand in opposition to the three-party alliance, do not always agree with each other, he acknowledged, "There are differences in views on management styles at times," but drew a line by stating, "We agree on the company’s long-term direction."

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