Hanmi Pharm headquarters. [Hanmi Pharm]
Hanmi Pharm headquarters. [Hanmi Pharm]

Tensions are rising again at Hanmi Pharm Group as a series of large share transactions among major shareholders reshapes the ownership landscape of the pharmaceutical conglomerate, which has long been embroiled in a management control dispute.

Hanmi Science, the holding company of Hanmi Pharm Group, disclosed Tuesday that Shin Dong-kuk, chairman of Hanyang Precision and the company's largest individual shareholder, would acquire 3,604,799 common shares through an off-market purchase, according to the pharmaceutical industry.

The per-share acquisition price is 47,920 won ($31), bringing the total transaction value to approximately 172.7 billion won. Once the deal is completed, Shin's stake in Hanmi Science will rise sharply from 22.88 percent to 28.15 percent. The transaction involves shares held by Im Jong-yoon, chairman of Koree Group and the eldest son of the late founder Im Sung-ki.

Since the founder's death, Hanmi Pharm Group has been locked in a prolonged management dispute between the mother-daughter faction — led by chairwoman Song Young-sook and vice chairwoman Im Joo-hyun — and the brothers' faction, comprising eldest son Im Jong-yoon and second son Im Jong-hoon, CEO of Hanmi Fine Chemical.

Ahead of Shin's latest share acquisition, Im Jong-hoon also recorded a change in his holdings. On Thursday, Im signed a contract to sell 1,709,788 shares, equivalent to a 2.5 percent stake in Hanmi Science, for approximately 82.07 billion won. The buyer was a private equity fund.

Im's decision to sell came as Shin was moving to expand his stake. Im publicly declared that the transaction represented a decision favorable to his mother, chairwoman Song, and his sister, Vice Chairwoman Im Joo-hyun. The statement has drawn wide industry attention over what impact the move may have on the future balance of power at Hanmi Pharm Group.


silverpaper@heraldcorp.com