Lim Juhyun, President of Hanmi, "Will Not Sell Shares for 3 Years After OCI Integration"

Im Joo-hyun, CEO of Hanmi Science, stated that after the integration of Hanmi Pharm Group and OCI Group, he will deposit the major shareholders' stocks of the holding company Hanmi Science without disposal for three years. He also proposed that the opposing CEOs, Im Jong-yoon and Im Jong-hoon, participate in the three-year share protection lock-up.

On the 24th, CEO Im Joo-hyun released a statement saying, "Once the integration with OCI is completed, I will request OCI Holdings to deposit the major shareholders' stocks of Hanmi Science without disposal for the next three years," and added, "I hope my older brother Im Jong-yoon, CEO of Hanmi Pharm, and my younger brother Im Jong-hoon, CEO of Hanmi Pharm, also commit to the three-year share protection lock-up."

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Im Joo-hyun, who is promoting the integration of Hanmi Pharm Group and OCI Group, is experiencing conflicts with the opposing CEOs Im Jong-yoon and Im Jong-hoon. The Hanmi Science shareholders' meeting is scheduled for the 28th.

He claimed to CEOs Im Jong-yoon and Im Jong-hoon, "As revealed in the provisional injunction opinion, you are only thinking about selling shares with a management premium added to the stake," and added, "This will directly infringe on the rights and interests of the Hanmi Group and ordinary shareholders."

Regarding the integration with OCI, he said that he and his mother, Song Young-sook, Chairwoman of Hanmi Group, chose this path to preserve the tradition of Hanmi Group while resolving inheritance tax issues, and demanded that CEOs Im Jong-yoon and Im Jong-hoon "disclose specific alternatives and sources of funds for the remaining inheritance tax payments."

Explaining the background of this proposal, he said, "The biggest risk to Hanmi Science's stock price decline was the so-called 'overhang' issue, where major shareholders might sell shares or shares pledged as collateral could be released into the market to resolve the family's inheritance tax problem, and that issue remains unresolved."

Chairwoman Song and the Hanmi Group family inherited about 23.08 million shares of Hanmi Science from the late founder, Im Sung-ki, who passed away in 2020, and must pay inheritance tax amounting to approximately 540 billion KRW. Song and her children agreed to pay this in installments over five years and have currently paid more than half, but it is known that over 200 billion KRW remains unpaid.

Regarding the inheritance tax, CEO Im Joo-hyun said to CEO Im Jong-yoon, "If you intend to hide behind the shield of 'joint liability for inheritance tax' and leave the burden to our mother and other siblings, I can no longer tolerate such irresponsibility." He also told Im Jong-yoon, "Immediately repay the 26.6 billion KRW loan that has been lent without collateral and not yet returned," and announced that he will file a lawsuit to claim the loan repayment on the 25th.

Regarding CEO Im Jong-yoon's plan to attract a 1 trillion KRW investment, which he revealed at a recent press briefing, Im Joo-hyun urged him to present at least a concrete plan. Im Joo-hyun said, "If the plan is realistic and credible, I will support it first," and added, "If not, and shareholders are misled, it can only be interpreted as evidence that private equity funds or unidentified forces lurking behind my older and younger brothers are trying to seize management rights of Hanmi Group, as rumors circulating in the market suggest." He also demanded that the current debt situation be transparently disclosed to shareholders.

To Hanmi Science shareholders, he said, "I reflect on the fact that the mid- to long-term net profit 50% shareholder return and introduction of interim dividends, which I mentioned at the last board meeting as measures to enhance shareholder value, are insufficient to compensate for losses caused by the recent stock price decline," and added, "Once the integration is completed, to enhance shareholder value, the board will initially propose and discuss a groundbreaking and proactive mid- to long-term shareholder return policy, including treasury stock acquisition and cancellation."

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