'D-3' HanmiScience General Meeting of Shareholders, Both Sides Make Final Push for Vote Gathering

As tensions escalate within the Hanmi Pharm Group owners over the integration between Hanmi Pharm Group and OCI Group, the situation is shifting as Shin Dong-guk, chairman of Hanyang Precision and considered a 'key man,' has expressed support for the Im Jong-yoon and Jong-hoon brothers. With the holding company Hanmi Science's regular shareholders' meeting just three days away, both the Song Young-sook and Im Joo-hyun mother-and-daughter faction and the brothers' faction are launching all-out efforts to win votes.

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According to the brothers' faction on the 25th, Chairman Shin expressed his support for the brothers' faction in a statement released on the 23rd. Shin is a hometown junior of the late founder Im Sung-ki and, excluding the owner family, is the largest individual shareholder of Hanmi Science with a 12.15% stake. Depending on which side Shin chooses, the momentum could shift instantly. With Shin's support secured, the brothers' faction now controls a total of 38.4% of the voting rights, surpassing the mother-and-daughter faction's 32.95% in one fell swoop.

This shareholders' meeting is crucial because it will determine control over the Hanmi Science board of directors. Currently, the board consists of four members, including three outside directors aligned with the mother-and-daughter faction, led by Song Young-sook, chairwoman of Hanmi Pharm Group. Since the maximum number of directors that can be appointed is ten, both sides aim to appoint as many directors as possible at this meeting to dominate the board. The mother-and-daughter faction has proposed appointing six members, including Im Joo-hyun, president of Hanmi Science, and Lee Woo-hyun, chairman of OCI Group, while the brothers' faction has proposed five members, including themselves. If the number of candidates exceeding the majority surpasses six, the top six vote-getters will enter the board.

Hanmipharm Headquarters Exterior [Image Source=Yonhap News]

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With only three days left until the shareholders' meeting, uncertainties remain. The National Pension Service, which holds the second-largest voting rights at 7.91%, has yet to decide its position, and proxy advisory firms have issued conflicting opinions, leaving the outcome uncertain.

Both sides are intensifying efforts to consolidate votes from minority shareholders and foreigners, who collectively hold 20.7% of the shares. The mother-and-daughter faction has secured support from Hanmi Association, which consists of about 3,000 group employees. However, with only about 230,000 shares, their voting rights amount to approximately 0.3%. A Hanmi Science official stated, "We are also making efforts to secure voting rights from minority shareholders through agencies," adding, "Many overseas institutions holding around 3% of shares have declared their support for the company." The brothers' faction is also mobilizing voting rights consolidation through minority shareholder platforms such as 'ACT.' Currently, 0.83% of shares have been delegated.

Another turning point is the injunction request to prohibit new share issuance by Hanmi Science, the results of which are expected before the shareholders' meeting. As a key link in the Hanmi-OCI integration, if the injunction is granted, the brothers' faction is expected to accelerate efforts to overturn the integration decision, backed by legal legitimacy. Conversely, if the injunction is dismissed, the integration process is likely to proceed smoothly.

The public relations battle is also intense. On the 21st, the brothers' faction presented Hanmi's future vision at a press conference, including "attracting investments exceeding 1 trillion won, producing over 100 biopharmaceuticals, and achieving a corporate value of 200 trillion won." In response, President Im Joo-hyun issued a statement the previous day, saying, "If the plan is unrealistic, it is evidence that private equity funds or unknown forces are lurking to seize management rights," and demanded concrete plans. She also pointed out that the brothers' faction's funding situation is not smooth, demanding immediate repayment of 26.6 billion won in unsecured loans to President Im Jong-yoon, and promised to lock up shares of major Hanmi Science shareholders, including OCI, for three years to alleviate concerns about management rights. Im Joo-hyun plans to provide additional statements related to this at a press conference in the afternoon.

Meanwhile, the brothers' faction dismissed the claims, stating, "We have never considered selling Hanmi Science shares and have no plans to sell in the future," calling it a "contextless proposal."

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