Shin Dong-guk, Song Young-sook, and Lim Joo-hyun 'Three-Party Alliance' Apply to Court for Temporary Shareholders' Meeting Approval of Hanmi Science

by Jang Hyowon

Published 04 Sep.2024 19:39(KST)

The '51st Hanmi Science Annual General Meeting' held on the 28th at Syntex in Hwaseong-si, Gyeonggi-do, is delayed past the scheduled start time of 9 a.m. due to the time taken to count the proxy votes on site. Photo by Jinhyung Kang aymsdream@

Shin Dong-guk, chairman of Hanyang Precision, Song Young-sook, chairman of Hanmi Group, and Lim Joo-hyun, vice chairman, the 'three-party alliance,' have applied to the court for permission to convene an extraordinary general meeting of Hanmi Science shareholders.

According to industry sources on the 4th, the three-party alliance announced that they would propose an agenda at the general meeting to expand the Hanmi Science board of directors from the current 10 members to 11 members, appointing Chairman Shin as an outside non-executive director and Vice Chairman Lim as an inside director.

Earlier, on July 29, the three-party alliance had requested the convening of an extraordinary general meeting with the agenda of expanding the board and appointing new directors, advocating for the establishment of a professional management system at Hanmi Science. At that time, they planned to expand the board to 12 members and appoint three new directors, but the number was reduced during the court permission application process.

Sejong Law Firm, representing the three-party alliance, explained, "Hanmi Science has not yet proceeded with the convening procedures for the extraordinary general meeting, which was rightfully requested under the Commercial Act. We judged that further waiting was meaningless, and therefore applied to the court for permission to convene the extraordinary general meeting."

Even if the court grants permission, considering the notification period to shareholders, the general meeting is expected to be held no earlier than next month.

This court permission application was made just one day after Chairman Shin completed the purchase of a 6.5% stake in Hanmi Science from Chairman Song and his eldest daughter Vice Chairman Lim in July, becoming the largest shareholder with a 14.97% stake.

Chairman Shin's personal stake exceeds the combined 13.81% stake of the other members of the three-party alliance, Chairman Song (5.70%) and Vice Chairman Lim (8.11%). Additionally, through Hanyang Precision, which he owns 100%, Shin holds a 3.95% stake in Hanmi Science.